Biden Pledges to Lower Housing Costs

President Biden pledged to do more to lower the cost of housing, one of his biggest political vulnerabilities. Home prices in the U.S. hit a record high in May. The national median existing-home price last month was $419,300, a record in data going back to 1999, the National Association of Realtors said Friday. The Biden administration has sought to ease housing burdens through a series of executive actions, but some analysts said action by Congress and the Federal Reserve might be required to significantly lower prices.