Home prices hit a new record high in the second quarter
(CNN)Despite rising mortgage rates that dampened sales, home prices continued to climb higher in the second quarter, with many more cities seeing double-digit price gains than in the first part of the year.
The median single-family existing home price in the second quarter was $413,500 -- the first time this quarterly price has ever risen above $400,000, according to the latest quarterly report from the National Association of Realtors.
Home prices for the quarter were up 14.2% from a year ago, slightly slower than the 15.4% year-over-year price increase experienced in the first quarter.
A majority, 80%, of US metro areas saw double-digit home price increases last quarter, or 148 out of 185. That's up from 70% of cities in the first quarter.
"Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers," said Lawrence Yun, NAR's chief economist.
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