Home prices hit record a record high in 2022
(CNN) -- Home prices hit a record high last year.
According to the National Association of Realtors, the median home price for 2022 was just over $386,000.
That's up more than 10% from 2021.
We saw those record prices even though the real estate market began to take a downward turn as interest rates began rising rapidly last year.
Just over 5 million homes were sold in 2022.
That's down nearly 18% from the year before and home sales' weakest year since 2014.
Read more