[elfsight_social_share_buttons id=”1″]

U.S. home prices surged again in June almost to a new record high.

Real estate brokerage firm Redfin reports that median home prices increased 1.9% from May to June, sitting at $426,056 . This is only 0.6% less than the same time one year ago, and 1.5% less than the record high in May 2022.

The reason for the sudden jump in prices has to do with a lack of availability. A report from Realtor.com showed that the amount of available homes was down 47% compared to pre-pandemic 2020 figures.

Making matters worse for potential homebuyers, a new report from the Federal Reserve Bank of New York states that national credit rejection rates have spiked.

From February of last year to February of this year, rejection rates increased 21.8% – the highest since June 2018. All types of loans, including mortgages and mortgage refinancing, had an increased rejection probability.