WASHINGTON
Median U.S. home prices reached $440,600 in July, according to National Association of Realtors data, extending a streak of 36 consecutive monthly increases that reflects persistent supply constraints driving affordability risk.
The 1.8 percent annual gain caps a three-year run of price appreciation that has outpaced wage growth, compressing homebuyer purchasing power even as mortgage rates remain elevated. Demand continues to outpace supply nationwide, locking many would-be buyers out of the market.
Households struggling with concurrent spikes in home prices and essential-goods inflation are increasingly reliant on government assistance, according to Harvard University's Joint Center for Housing Studies.
Even traditionally affordable regions are losing cost advantage. The Midwest, historically a refuge for price-sensitive buyers, is beginning to price in line with national trends.
