House prices are not looking to cool down as a new report shows that U.S. home prices have touched yet another peak in August. July was a huge month in terms of high home prices and it doesn't look like we'll see a slow any time soon.
"Prices rose nationwide to $282,000 in August, up over 6% from last year when the Home Price Index was $265,000," according to National Mortgage News.
This significant hike in prices is contributing to a very unbalanced market. It has also been very troublesome for first time home buyers who are having trouble finding an affordable home.
Meanwhile, millennials are struggling with these heightened prices as wages have yet to meet what they need to be in order for these houses to be more obtainable.
With prices soaring and a shortage of houses across the country, there is a pretty dismal outlook for first time buyers.
To learn more about the housing price increase for the month of August, click on the image above.