"Realtors Report: Buying a House Becoming More Expensive"

The National Association of Realtors reported that home prices reached record highs in April, with the median price of an existing home climbing to $407,600, marking a 5.7% year-over-year increase. Despite relatively flat existing home sales, the market is experiencing a sizable gain in the upper-end segment due to more supply. However, overall home affordability has plunged due to rocketing mortgage rates and high property prices driven by nationwide supply shortages, making renting more affordable than buying in most major cities. The Federal Reserve's governor indicated that the Fed will need to see "several months" more of signs that inflation is cooling before considering lowering interest rates.