https://www.dailymail.co.uk/news/article-10942263/US-home-prices-break-400K-time-ever.html

US home prices break $400K for the first

time ever - but sales slump to a two-year

low as soaring mortgage rates squeeze

out first-time buyers

Daily Mail (UK), by Keith Griffith

Posted By: Imright, 6/22/2022 1:08:06 PM

The median US home price broke above $400,000 in May for the first time, even as the number of sales plunged for the fourth straight month and rising mortgage rates discouraged first-time buyers. The median sales price for existing homes set a new record at $407,600, a 14.8 percent surge compared to a year ago, the National Association of Realtors (NAR) reported on Tuesday. With high prices and rising rates squeezing young homebuyers, the number of sales of existing homes dropped 8.6 percent from a year ago, to a seasonally adjusted annual rate of 5.41 million.