Home prices in the US flirted with record highs last month, thanks to the shortage in housing supply that's crushing affordability for many buyers.
The median home sales price clocked in at $426,056 in June, posting just a 0.6% decline from the median sales price recorded the previous month, according toIt marks the slowest decline in home prices the housing market has seen in five months. Meanwhile, home prices hovered just 1.5% below the all-time-high median sales price of $432,397 recorded in May of 2022.over the past year.
The housing market now only has around 1.8 months of housing supply available, Redfin data shows, the scarcest supply has been since the pandemic.
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