By Megan Henney | Fox Business
The cost of buying a new house just hit another all-time high, according to new data.
Findings from Redfin show the median U.S. home sale price soared to $397,954 in June – a nearly 5% increase from a year earlier. That marks the highest level on record and the biggest annual increase since March.
The monthly mortgage payment at that price, when accounting for the 6.86% median interest rate for a 30-year mortgage, is now $2,749. That is roughly $88 shy of April’s record, thanks to a slight drop in mortgage rates.
“High mortgage rates and record-setting home prices have made affordability the biggest challenge in the housing market in 2024,” said Lisa Sturtevant, Bright MLS chief economist.