U.S. home prices continue to climb, making it more difficult to afford a home

(CNN)– Rising U.S. home prices are making it more difficult to afford a home especially for first-time buyers.

The median price of a previously owned home in the U.S. grew 5.7% from a year earlier to just over 407 thousand dollars.

That’s according to the National Association of Realtors.

It was the fourth consecutive monthly increase and a record for April prices.

Realtors also reported existing home sales fell nearly 2% in April to a seasonally adjusted annual rate of $4.4 million.

It was the second month in a row of falling sales as mortgage rates surged past 7%.

One shred of good news for housing in the U.S. is more homes are continuing to come to the market.