The median price for a single-family existing-home has crossed the $400,000 mark for the first time ever, according to the National Association of Realtors (NAR).
Existing single-family homes had a median price of $413,500 nationally in the second quarter of 2022, a 14.2 percent increase from a year ago, according to an Aug. 11 news release. Price appreciation eased slightly, dropping from the previous quarter’s 15.4 percent hike. “Overall, the national price deceleration inevitably followed the softening sales, providing well-positioned prospective buyers a small measure of welcomed relief,” said Lawrence Yun, NAR’s chief economist.
However, home prices have risen at a pace that “far exceeds” wage gains, especially for low- and middle-income workers, he pointed out….