Home prices hit a record high in May despite falling demand and sales activity, The Wall Street Journal reported on Friday.
The national median home price in the United States is now $419,300, a 5.8% increase from a year earlier and a new record high, according to the The Wall Street Journal. The record high comes as homeowners remain unwilling to list due to high mortgage rates.
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Existing home sales shrank in March as consumers respond to continuing price increases and rising mortgage rates.
Sales for existing homes fell 4.3% in March compared to the previous month and 3.7% year-over-year, to an annual rate of 4.19 million, according to a press release from the National Association of Realtors (NAR). The average for a 30-year fixed-rate mortgage reached 7.10% this week, a substantial jump from 6.88% last week, depressing Americans’ desire to switch homes and possibly acquire a higher interest rate, according to a release from real estate giant Freddie Mac.
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