From San Francisco to West Palm Beach: US home prices hitting record highs, here's why

Representative AI imageThe median price of a home in the United States climbed to a record $408,776 in June, highlighting a housing market increasingly dominated by affluent buyers while making homeownership more difficult for many Americans.According to new data from Redfin, the median sale price rose 2.2% year-on-year, reaching the highest level ever recorded in the country.The record prices come as wealthy buyers continue to fuel demand in the premium housing segment, relying on stock market gains, bonuses and cash purchases instead of mortgages. As a result, many first-time and middle-income buyers are finding themselves priced out of the market.The divide is particularly evident in the Hamptons, where the average home price has surged to $4.5 million, up 34% from a year ago, according