The median price for a home in the U.S. has hit another record high.

The list price of a home for sale is now $420,250 — 6.6% higher than a year ago — and the sale price is up 4% to $387,600 as of May 19, the real estate website Redfin reported Thursday.

What You Need To Know

  • The median asking price for a home is now at a record high $420,250 — 6.6% higher than a year ago, according to Redfin

  • The median sale price also broke a new record at $387,600 — up 4% compared with last year

  • Pending home sales fell 4.2% over the past four weeks even as home listings increased 8%

  • The average rate of a 30-year mortgage in the U.S. is 7.02%

Despite mortgage rates falling to 7.02% in early May, high home prices are dampening the market. Pending home sales fell 4.2% over the past month compared with a year ago, despite an 8% increase in home listings.

With prices at an all-time high, many homeowners with low mortgage rates are holding onto their homes, preventing other buyers from being able to relocate.

“Move-up buyers feel stuck because they’re ready for their next house, but it just doesn’t make financial sense to sell with current interest rates so high,” Redfin Premiere agent Sam Brinton said in a statement. “The homeowners listing right now are often doing so because they need to.”