US house prices surge 5% in June, reaching all-time high

Posted on July 18, 2024   |  

In June 2024, the median home sale price reached $397,954, nearly 5% higher than the previous year, setting a new record.

This increase is the largest since March, as reported by the National Association of Realtors (NAR), with median prices hitting new highs.

Rising home ownership costs have made 582 U.S. counties unaffordable.

Homeownership costs have gone up in 582 out of 589 counties.

An average American homeowner with an income of $72,358 is spending about 35% of their salary on housing, above the advised 28%.

Homeowners are using 43% of the average local wage on housing, which is considered highly unaffordable.