While home sales declined for the fifth-straight month, the average cost of a home hit an all-time high.
The median home price was a record $416,000 last month, up more than 13% from one year ago.
According to a report from the National Association of Realtors released Wednesday, the increase marks more than a decade of year-over-year monthly price hikes.
The hottest housing markets are in sunbelt cities like Orlando and Nashville, where home prices jumped nearly 31%.
Still, selling existing homes, including townhomes, condos, and co-ops, was down 5.4% last month from May nationwide.
That's a decrease of 14% from a year ago.
Experts say inflation and rising mortgage rates could be pricing some homebuyers out of the market.