Home prices in the U.S. rise to all-time high

(CBS, KYMA) - If anyone is trying to buy a house at the moment, home prices in the U.S. have risen to an all-time high.

The median price of existing homes in June was $440,660, according to new data from the National Association of Realtors (NAR). That's a jump of almost 2% from a year ago.

Home prices have increased for 36 straight months.

The NAR's chief economist told the Associate Press the U.S. needs a bigger supply of homes. That's a factor in prices rising.

The housing market has struggled since 2022. That's when mortgage rates started to go up as we came out of the pandemic.

There was a rush to buy homes before that because mortgage rates were very low.