June existing home sales hit their highest number since 7/06, and while the median sales price hit a record-high of $236,400, an inflation-adjusted price comparable to 7/06 would be $270,014. Part of the picture is that the number of distressed sales keep falling and the price index doesn’t adjust for the mix of homes sold. Inventories remain profoundly low, decreasing supply. We need more new homes to dampen price pressures!