Rising home prices threaten to overheat summer housing market
Realtor Sam DeBianchi gives an update on the ongoing ‘feeding frenzy’ in the housing market and explains how prospective buyers can still find inventory.
The median price for an existing home in the U.S. hit a new record high at $363,300 in June, up 23.4% from a year ago and breaking the previous record set the month prior, according to the latest data from the National Association of Realtors.
Existing home sales also rose in June, rebounding after four consecutive months of declines as more inventory hit the market for hungry buyers.
"Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales," said Lawrence Yun, NAR's chief economist. "Home sales continue to run at a pace above the rate seen before the pandemic."