Home Prices Hit a Record High

Home prices rose in May to a new high, with low inventory continuing to spur bidding wars among home buyers in some markets.

The national median existing-home price in May was $419,300, a record in data going back to 1999, the National Association of Realtors said Friday. Prices aren’t adjusted for inflation.

That was up 5.8% from a year earlier.

Those high prices, paired with elevated mortgage rates, have limited the number of sales this spring—typically the busiest season for home buying.