Home prices hit a new all-time high this summer

Home prices in the US reached a new all-time high this summer, according to data from the National Association of Realtors. This increase persists even as prospective buyers retreat from the market. In June, sales of previously occupied homes decreased by 2.4% as mortgage rates rose. These combined factors have intensified affordability challenges for homebuyers, while a key measure of home prices continues to climb despite the overall slowdown in existing home sales.