During this summer, home prices have reached new record highs across a majority of the United States, a reflection of the severe shortage of housing inventory that has led to an increasingly unaffordable housing market.

According to a report from Black Knight, the Home Prices Index hit an all-time high in June. In 30 out of the 50 housing markets tracked by the analytics firm, home prices achieved new records. Across all markets, prices exhibited a year-over-year increase of 0.8% in June, a notable jump from the 0.2% growth reported in May.

Andy Walden, the Vice President of Enterprise Research at Black Knight, noted that the months of rapid home price appreciation would eventually lead to a significant impact on the rate of appreciation. June, according to him, marked that turning point.

The surge in prices can be attributed in part to the imbalance between supply and demand caused by an inventory shortage in the housing market. The presence of high mortgage rates has dissuaded existing homeowners from listing their properties for sale. This imbalance has contributed to the sustained increase in home prices over the past year, with no clear resolution in sight for this trend.

Notably, the average 30-year fixed mortgage rate recently rose to 6.9%, according to Freddie Mac. Meanwhile, the housing market is estimated to be short of around 3.8 million housing units, further exacerbating the supply-demand imbalance and its impact on home prices.