The median sale price of an existing home increased 2.4% y-o-y to $363,300 in June as purchase broke a 4-month streak of declines. (NAR)
Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes.
While the sharp increase in prices has created a windfall for homeowners, it also raised alarms among economists and affordable housing advocates.
Many potential first-time buyers are already priced out of the market, and expanding the housing supply enough to drive down prices could take years.
Huge wealth gains from both housing equity and the stock market have nudged up all-cash transactions.
But first-time buyers who need mortgage financing are being uniquely challenged with record-high home prices and low inventory.
