U.S. home prices hit a record high as sales fell. Here’s how housing experts explain the trends

U.S. median home prices hit a record high for the second month in a row as sales continued to fall, according to a report released this week, as potential buyers continue to lie in wait for lower mortgage rates.

Existing home sales fell 5.4 percent in June and median home sales reached its highest level on record since prices were first tracked by the National Association of Realtors in 1999. The median price rose the most in the northeast region at 9.7 percent. In June, existing home sales plummeted 8 percent in the Midwest, the greatest fall among the regions, according to the report released on Tuesday.