Homes selling near record high again as supply shortage worsens

July 17, 2023

By Morgan Henney

U.S. home prices surged again in June to a near record high, reflecting a worsening inventory shortage that has pushed many would-be homebuyers out of the market.

Median home prices jumped 1.9% in June from the previous month, hitting $426,056, according to a new report from real estate brokerage firm Redfin. Home prices are now down just 0.6% from where they were one year ago and down 1.5% from the record high hit in May 2022.

“Today’s housing market is extraordinary; it feels hot even though there are very few homes changing hands,” Redfin chief economist Daryl Fairweather said.

That is largely due to a lack of available homes for sale.

Sellers who locked in a low mortgage rate before the pandemic began have been reluctant to sell with rates continuing to hover near a two-decade-high, leaving few options for eager would-be buyers. See More.

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