Findings from Redfin show the median U.S. home sale price soared to $397,954 in June – a nearly 5% increase from a year earlier. That marks the highest level on record and the biggest annual increase since March.

The monthly mortgage payment at that price, when accounting for the 6.86% median interest rate for a 30-year mortgage, is now $2,749. That is roughly $88 shy of April's record, thanks to a slight drop in mortgage rates.

Homes sold below their list price at the peak of the housing season, Redfin reports, a development that could shift the real estate market to the buyer’s advantage.

The typical home that sold during a four-week span in May and June went for 0.3% less than its asking price, according to the real estate brokerage Redfin.

That data point matters, housing experts say, because the market hits its annual peak in late spring and early summer. In the last few years, the average home sold at or above list price at that time of year. This year, it did not.

Home prices in the United States have hit an all-time high, new figures show.

The median sale price as of June 2024 was $397,954 – an almost 5 percent year-over-year change – the biggest increase since March this year and taking the level to an all-time high, according to data from Redfin. The National Association of Realtors (NAR) also said that median sale prices have climbed to record highs this year.