Home prices across the U.S. surge to all-time high

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July 9, 2026 / 3:20 PM EDT

/ CBS News

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With a landmark housing affordability bill in political limbo, U.S. home prices have hit an all-time high.The median price of existing homes in June was $440,660, up 1.8% from $432,700 a year ago, according to new data from the National Association of Realtors (NAR). Home prices have risen for 36 straight months. "Housing affordability remains low under slowing wage growth and stronger home price growth," Ershang Liang, an economist with PNC Economics Research, said in a report. Some other highlights from NAR's latest housing snapshot:Median price for existing single-family homes: $446,400Median price for condominiums and co-ops: $380,000Median price for single-family homes in the U.S. Northeast: $564,800Median price for single-family homes in the Midwest: $346,600Median price for single-family homes in the South: $377,700Median price for single-family homes in the West: $633,600The latest data underscores the affordability crunch facing many homebuyers. Home prices have climbed for decades, with the only major drop coming during the epic housing crisis that triggered the 2008-09 financial crisis. But costs skyrocketed during the pandemic as the Federal Reserve slashed interest rates to support the economy. Today, even modestly priced homes aimed at first-time buyers are beyond the reach of most Americans. Fewer than 4 in 10 non-homeowner households can afford a typical starter home priced around $200,000, according to LendingTree. Households need an annual income of roughly $117,000 to afford the average home, real estate firm Redfin has found. Bipartisan bill awaits Trump's signatureThe latest uptick in residential real estate costs comes after lawmakers last month passed the 21st Century ROAD to Housing Act. The legislation would implement a range of policies to lower home prices, including removing regulatory barriers to construction, restricting institutional investors from purchasing single-family homes and encouraging zoning reforms to accelerate homebuilding.