U.S. existing home sales slide again, but home prices in America hit an all-time high.

The median price was $416,000 in June, up 13.4% the same month last year.

U.S. existing home sales fell for the fifth month in a row, down some 14% from a year ago, as fast-rising interest rates and record-high selling prices make buying a home too expensive for a growing share of American households.

• Mortgage rates are double what they were a year ago. The standard 30-year fixed-rate mortgage stood at 5.5% this week, up from 2.8% a year ago.
• Inventory has improved slightly but remains historically tight.
• Sellers, meanwhile, may have gotten too greedy. That’s the sellers’ market everyone’s come to expect.
• “Buyers can’t figure out what is the right price,” Mark Zandi, chief economist at Moody’s Analytics, told the Wall Street Journal. 

Sales are likely to keep falling as buyers get priced out by mortgage rates, which are influenced by the Federal Reserve’s key interest rate policies.