The median sale price of existing homes in the U.S. reached a record high for this time of year in July.

In July, U.S. existing home sales fell to a three-month low, with persistently high home prices and mortgage rates continuing to pressure the real estate market. According to data from the National Association of Realtors, contract sales volume decreased by 1.7% month-over-month, translating to an annualized rate of 4.06 million units. The median sale price increased by 2% year-over-year, reaching $434,100, marking the highest July price on record.