US median home price reaches record high in June

Continued strong demand pushed the median U.S. home price to a record high in June, though the national homebuying frenzy cooled slightly as supply ticked higher, according to The Wall Street Journal.

Existing home sales rose 1.4% in June from the prior month to a seasonally adjusted annual rate of 5.86 million, the National Association of Realtors said Thursday. June sales rose 22.9% from a year earlier.

The median existing home price rose to $363,300 in June, up 23.4% from a year earlier and setting a record high, NAR says.

The housing market boom is easing slightly, as rising prices are prompting more homeowners to list their houses for sale. Homes sold in June received four offers on average, down from five the previous month, says Lawrence Yun, NAR’s chief economist.

But the number of homes for sale remains far lower than normal, and robust demand due to ultralow mortgage interest rates is expected to continue pushing home prices higher. Read the full story.