Fewer homes sold in 2014 in the U.S. than in 2013, and home prices rose, according to new data from the National Association of Realtors.
About 3 percent fewer homes sold overall, a drop from 5.09 million sales to 4.93 year-over-year, the association says in a press release.
The national median existing-home price was $208,500, the highest it’s been since 2007 and a nearly 6 percent increase from 2013, the release says.
“Housing costs — both rents and home prices — continue to outpace wages and are burdensome for potential buyers trying to save for a downpayment while looking for available homes in their price range,” association chief economist Lawrence Yun says in the release.
For more 2014 national home sales data, read the rest of the press release here.