High Home Prices Despite Sales Slump | JQJO

Despite a nine-month low in home sales, June saw record-high median home prices at $435,300. This disparity is due to wealthy buyers with equity leveraging high prices, particularly in the luxury market (homes over $1 million saw a 14% sales increase). High mortgage rates (averaging 6.74%) are deterring many potential buyers, especially first-time homebuyers. While some areas show price declines, new home sales are down, and building starts are at an 11-month low, potentially impacting future prices.