The road to homeownership is increasingly difficult due to rising inflation, mortgage rates, and home prices. In June, the median existing-home price rose 2% year-over-year to $435,300, marking a record high. The 30-year fixed mortgage rate was 6.75%, significantly higher than prior years. Many buyers are seeking mortgage co-signers to ease the loan process, but complications can arise when selling, particularly regarding capital gains taxes. Homeowners may exceed the tax exclusion thresholds without awareness, making it crucial to consult financial advisers before selling.
The median existing-home price in June was up 2% from one year ago, reaching $435,300, a record high for the month of June, and the 24th consecutive month of year-over-year price increases.
Home prices have appreciated so much in recent years that many people are passing that exclusion threshold without realizing it. Combine that with fewer people upgrading or moving often, and you get a situation where longtime owners are now sitting on more taxable gains than they expected.
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