Home Prices Hit All-Time High Despite Falling Sales
Summary from the AllSides News Team
Home prices in the U.S. hit a new all-time high in June.
The median home price was $416,000 last month, up 13.4% from a year ago, according to the National Association of Realtors (NAR). Meanwhile, existing-home sales fell in June for the fifth straight month, falling 5.4% from May and 14.2% from a year earlier. Mortgage applications also fell 6.3% last week from the previous week, reaching their lowest point since 2000, amid climbing interest rates.
According to the NAR, total U.S. housing inventory at the end of June was 1,260,000 units, up 9.6% from May and 2.4% from the previous year. Another study published last week by Up for Growth suggests that 47 of the 50 states and 55% of U.S. metro areas have housing shortages, and that "the demand for housing in our most economically productive regions far exceeds the production of new homes."
Ongoing issues with the housing market have been covered by sources across the political spectrum. Some reports from right- and center-rated outlets focused more on fears that rising home prices and falling sales are foreshadowing a recession, and framed the housing market data in the context of ongoing high inflation. Some coverage from left-rated sources conveyed less concern about a potential recession. One report from CNN Business highlighted some areas where property prices were falling, and suggested that an "increase in inventory should reduce pressure on prices."
Featured Coverage of this Story
From the Left
Home prices hit an all-time high, even as sales continue to slowHome prices hit a new all-time high in June, even as home sales declined for the fifth straight month as a lack of affordability continues to push buyers out of the market.
The median home price was $416,000 last month, up 13.4% from one year ago, according to a report from the National Association of Realtors. It marks more than a decade of year-over-year monthly price gains.
Sales of existing homes -- which include single-family homes, townhomes, condominiums and co-ops -- were down 5.4% in June from May and 14.2%...
From the Left
Home prices driving more Americans out of the marketAmericans are pumping the brakes on home purchases even as — or perhaps because — prices have hit new record highs.
Driving the news: Existing-home sales fell for the fifth straight month in June, declining 5.4% from May and 14.2% from a year earlier, the National Association of Realtors reported Wednesday.
Meanwhile, mortgage applications fell 6.3% last week, compared with the previous week, hitting their lowest point since 2000, the Mortgage Bankers Association reported Wednesday.
The median sales price of existing homes was up 13.4% year-over-year to $416,000, an all-time high.
Why it matters: Homeownership is...
From the Right
Existing home sales fall for fifth straight month as recession fears riseSales of existing homes tumbled last month for the fifth month in a row in June as housing became less affordable across the country.
Existing-home sales declined by 5.4% in June to a seasonally adjusted annual rate of 5.12 million, according to a report by the National Association of Realtors released Wednesday. Sales were down a hefty 14.2% from a year ago.
Despite that, the NAR said the median existing-home sales price rose to $416,000, up 13.4% for the 12 months ending in June. The hike marks 124 consecutive months of year-over-year price increases, the longest...
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