For a second consecutive month, home prices have hit a new high, The Wall Street Journal reports.
Nationwide, the spring homebuying season, usually the busiest time of year for realtors, was a dud this year and home sales declined in June for a fourth consecutive month. High prices coupled with elevated mortgage rates has made home ownership less attainable to renters and has deferred current homeowners from moving.
Low inventory of homes for sale is also pushing prices higher.
The national median existing-home price in June rose to $426,900, a record high and a 4.1% increase from a year earlier, the National Association of Realtors said Tuesday. Prices aren’t adjusted for inflation. In the Capital Region, the median sales price was more than $300,000 in June—a 6% increase from the year prior.
