Most U.S. home prices rose by double digits as inflation hits near 40-year high

(KYMA, KECY/ CNN) - The cost of buying a home rose by double-digit percentages across most of the U.S. in the last quarter of 2021.

According to the National Association of Realtors, the median price of a home was just under $362,000. That's up about 15% from the previous year.

Realtors believe home prices should begin to normalize later in 2022 as more homes come on the market.

Meanwhile, inflation has followed America into 2022.

The Bureau of Labor Statistics says the consumer price index rose 7.5% in the 12 months ending in January, which is the highest annual increase since February 1982.

From housing, to furniture, used cars and medical costs, prices increased across the board.

Even without factoring food and energy which tend to be more volatile, prices rose by 6%.