Prices for existing homes climbed to a record high in June, continuing at a breakneck pace with double-digit-percentage annual increases. The median price for an existing home rose to $416,000 last month, up 13.4% compared to a year earlier, the National Association of REALTORS® reported Wednesday.

Home prices continued to climb even as sales cooled in June. For the fifth consecutive month, existing-home sales—which includes transactions for single-family homes, townhomes, and condos—posted a drop. Sales were down 5.4% month over month in June and have fallen 14.2% compared to a year ago, according to NAR’s report. “Falling housing affordability continues to take a toll on potential home buyers,” says NAR Chief Economist Lawrence Yun. “Both mortgage rates and home prices have risen too sharply in a short span of time.”

Here’s a closer look at how existing-home sales fared for the WESTERN STATES in June, according to NAR’s index: Existing-home sales dropped 11.1% month over month and reached an annual rate of 960,000, down 21.3% from a year ago. Median price: $624,000, a 9.6% increase compared to June 2021.

Source: NAR, Melissa Dittmann Tracey