IE Business Daily Business news for the Inland Empire.
The median price of a single-family home nationwide reached $400,894 during the four weeks that ended June 7, according to Redfin.
That was a record high, and a 1.5 percent year-over-year increase, the result of high mortgage rates reducing the number of pending sales for the fourth consecutive month, the Seattle-based real estate firm reported.
A typical U.S. home has never cost more than $400,000, said Chen Zhao, Redfin’s head of economics research.
“Crossing the $400,000 threshold is a reminder of how difficult it is to break into homeownership for many Americans—and rising prices of other things is making it even harder,” Zhao said in a statement. “There are a few bright spots: price growth has lost some steam over the last month, and prices aren’t rising nearly as fast as they were last year. And the high costs of purchasing a home are keeping many buyers out of the market.”
