US home prices top $400,000 for first time, crimping May sales
The median US home price broke above $400,000 for the first time, sending existing home sales in May falling for the fourth straight month, according to industry data released Tuesday.. He said prices normally would not begin to fall until inventories grew to a seven-month supply, but "the speed of the dislocation in the market in recent months, thanks to the suddenness of the spike in rates, means that a period of falling prices is a good bet."