US home prices hit all-time high

In June, existing home sales in the United States fell 2.4% from May to a seasonally adjusted annual rate of 4.09 million units, according to the National Association of Realtors. Sales rose 2.8% compared with June last year but fell short of economists' expectations of 4.21 million. The U.S. median sales price increased 1.8% from a year earlier to $440,600, an all-time high. Home prices have risen annually for 36 consecutive months. Sales have remained sluggish as mortgage rates trended higher since spring due to the war between the United States and Iran raising inflation expectations, though rates remain below year-ago levels.