US Home Prices Reach Record High Despite Slowing Sales

Home prices reached a record high in May, with the median price of an existing home at $419,300, up 5.8% year over year. Sales of previously owned homes remained stagnant, down 0.7% from April and 2.8% from the previous year, as high mortgage rates around 7% deterred buyers. Inventory increased by 6.7% month to month, but remains low overall. Despite higher prices, competition is still strong, with two-thirds of homes going under contract in less than a month.