Sumary of U.S. Median Home Price Hit New High in June:
- The median U.S. home price rose to a new high of $363,300 in June as strong demand pushed home sales higher.
- 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.
- The median existing-home price rose 23.4% in June from a year earlier, setting a record high, NAR said, extending steady price increases amid limited inventory.
- Economists surveyed by The Wall Street Journal expected a 2.2% monthly increase in sales of previously owned homes, which make up most of the housing market.
- The housing-market boom is easing slightly, as rising prices are prompting more homeowners to list their houses for sale.
- 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.
- “Home sales continue to run at a pace above the rate seen before the pandemic,” Mr. Yun said.
- Many homes are selling above listing price and receiving multiple offers.