Home sales inched slightly higher in June as the inventory of available homes to buy increased, but home prices still remained on a tear, according to a report from the National Association of Realtors.
Consistently low inventory has pushed prices higher over the past year. The median price for an existing home in June hit an all-time high of $363,300, up 23% over last year. That marks 112 straight months of year-over-year gains.More from Financial Empowerment How much house can I afford?The sales of existing homes -- which include single-family homes, townhomes, condominiums and co-ops -- rose 1.4% from May to June, breaking four consecutive months of declines.
Read More"At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year," Yun said."Ideally, the costs for a home would rise roughly in line with income growth, which is likely to happen in 2022 as more listings and new construction become available.
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