Home prices hit record high in 2022

Home prices hit a record high last year.

CNN— Home prices hit a record high last year.

According to the National Association of Realtors, the median home price for 2022 was just over $386,000. That’s up more than 10% from 2021.

We saw those record prices even though the real estate market began to take a downward turn as interest rates began rising rapidly last year.

Just over five million homes were sold in 2022—that’s down nearly 18% from the year before and home sales’ weakest year since 2014.