U.S. home prices hit record high

(CNN)– New data shows existing homes for sale in America are the most expensive they’ve ever been.

According to the National Association of Realtors, the price increased in May for the eleventh consecutive month.

The median price of a previously owned home in the U.S. last month is now more than 419 thousand dollars.

That’s the highest price on record and it’s up 5.8% from last year.

Mortgage rates also remain high while investors remain low.

Economists predict the average mortgage rate won’t fall below 6% this year.