(CNN) - The median existing home price climbed to $252,800 in May, according to the National Association of Realtors, exceeding the peak hit in June 2016 of $247,600.
Home prices have been rising every month for more than five years.
While that's good news for home sellers, buyers are having a tough time finding homes they can afford.
Cities across the U.S. have been facing major housing shortages, which means buyers must compete for homes with bidding wars and offers well above asking price.
There has been one saving grace for buyers: mortgage rates.
Mortgages have been hovering below 4 percent recently.
Last week, the average rate of a 30-year fixed mortgage dropped to 3.9 percent.
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