The median U.S. home-sale price reached a record $408,776 in June, rising 2.2% year over year, with existing-home sales at their highest since November 2022. Luxury home demand, especially in San Francisco and West Palm Beach, drove price and sales increases. Despite a 6.49% average mortgage rate, affluent buyers remain active, while affordability challenges persist for many. New listings declined slightly, and competition intensified, with 22.2% of homes selling above list price.
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