ToplineHome prices hit an all-time high in May, as the median home price across the nation jumped 5.8% from the year prior as sales dropped by 2.8%, the National Association of Realtors said Friday. The median price for homes in the U.S. rose 5.8% in May compared to last year, a new report shows. Housing inventory saw the biggest jump in May, up 18.5% from the year prior with 1.28 million units, NAR said. Yun said increased inventory will eventually ease prices and boost sales, but went on to say: “Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers.”Big Number31%. Key BackgroundHome prices have been on an upward trend, due in part to high demand coupled with low inventory, inflation and persistent high interest rates held by the Federal Reserve.

Source: Forbes June 21, 2024 19:10 UTC