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Housing prices hit all-time high as sales continue to slow

Home Sales
Posted at 1:16 PM, Jul 20, 2022
and last updated 2022-07-20 16:35:13-04

While home sales declined for the fifth-straight month, the average cost of a home hit an all-time high.

The median home price was a record $416,000 last month, up more than 13% from one year ago.

According to a report from the National Association of Realtors released Wednesday, the increase marks more than a decade of year-over-year monthly price hikes.

The hottest housing markets are in sunbelt cities like Orlando and Nashville, where home prices jumped nearly 31%.

Still, selling existing homes, including townhomes, condos, and co-ops, was down 5.4% last month from May nationwide.

That's a decrease of 14% from a year ago.

Experts say inflation and rising mortgage rates could be pricing some homebuyers out of the market.