Home prices reach record high of $387,600, putting damper on spring season

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1. Here’s a preview of the article:

   The cost of buying a house grew hit new record highs this month, making homeownership an even more daunting task for the typical American.

   The median U.S. home sale price — what buyers actually paid for a property — reached $387,600 during the four weeks ending May 19, a 4% increase from a year ago, according to a new report from online real estate brokerage Redfin. The monthly mortgage payment at that price — factoring in the 7.02% U.S. median interest rate for a 30-year mortgage — is now $2,854, Redfin said. Mortgage rates are up slightly from 6.99% last week.

   The nation’s median asking price — what sellers hope their property goes for — reached a record $420,250, a 6.6% rise from a year ago. Redfin drew its data from tracking home sales activity from more than 400 metro areas between April 21 and May 18.

   **Read more:** [https://www.cbsnews.com/news/home-prices-housing-market-mortgage-rates/?ftag=CNM-05-10abh9g](https://www.cbsnews.com/news/home-prices-housing-market-mortgage-rates/?ftag=CNM-05-10abh9g)

2. Old homes falling off the market and no one is building starter new homes.

3. Whew thank God there isn’t a recession though