Median home prices in U.S. hit record high, making home buying harder for many Americans

UNITED STATES, (WINK) - The median price of previously occupied homes in the U.S. reached a new record high, making homeownership even more difficult for many Americans.

The National Association of Realtors says the median price of an existing home climbed to a record high of more than $440,000 in June. That's up nearly 2% from a year ago and marks the 36th straight month of year-over-year price increases.

This comes as home sales have been historically sluggish, with the latest sales hovering close to a 4 million annual pace going back to 2023. That is far short of the historic norm that is closer to 5.2 million.

Experts say that is due to mortgage rates trending higher in recent months since the war between the U.S. and Iran started. Rates are still up considerably compared to their lows during the pandemic.