The MReport Webcast: Thursday 7/23/2015

Due to increasing demand and limited supply of homes, the national median sales price of homes has reached a new record high. Additionally, existing-home sales increased in June to their highest pace in over eight years, according to a report from the National Association of Realtors released Wednesday. According to the report, the median existing-home price for all housing types in June was $236,400, marking the 40th consecutive month of year-over-year gains. This is 6.5 percent above June 2014 and surpasses the $230,400 peak median sales price set in July 2006.

Total existing-home sales increased 3.2 percent to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May. This will make nine consecutive months of year-over-year increases, and sales are 9.6 percent above a year ago at 5.01 million. Total housing inventory at the end of June increased 0.9 percent to 2.30 million existing homes available for sale, an increased 0.4 percent from 2.29 million a year ago.

During a week in which the Bureau celebrates the fourth anniversary of its creation, U.S. Representative John Ratcliffe and U.S. Senator Ted Cruz, both Republicans from Texas, have combined to sponsor a bill that would completely abolish the CFPB, according to announcements on both lawmakers' websites. Various legislation has been introduced by Republicans in an attempt to reduce the power of the Consumer Financial Protection Bureau in the last year, but there has not been any law proposed to completely eliminate the Bureau – until now.