The average price of existing U.S. homes hit a record $375,300 in March even as rising mortgage rates caused home sales to fall for the second month in a row.

Median housing prices are up a whopping 15% from last March, marking 121 consecutive months of year-over-year increases in the red-hot housing market, according to data released on Wednesday by the National Association of Realtors.

While housing prices are at the highest they have been since the NAR began tracking the metric more than two decades ago, housing purchases declined 2.7% from February to a seasonally adjusted annual rate of 5.77 million in March, and year-over-year sales fell 4.5%.

“The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power,” said Lawrence Yun, NAR’s chief economist. “Still, homes are selling rapidly, and home price gains remain in the double-digits.”

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Mortgage rates rose quickly as the Federal Reserve hiked its interest rate target for the first time in years to curb inflation. As of Wednesday, the average 30-year fixed-rate mortgage was 5%, up nearly 2 percentage points from just a year before. The higher rates are making housing in the United States less affordable.

In addition to the NAR’s findings, the S&P CoreLogic Case-Shiller U.S. National Home Price Indices found that home prices rose by an annual 19.2% in January, up from 18.9% the month before.

The rising interest rates are now causing demand to slide after initially sparking increased demand as buyers rushed out to lock in mortgage rates before they pushed too far upward. Yun predicted that home purchases will decline by about 10% this year as the Fed continues to hike its interest rate target to rein in inflation.

“Home prices have consistently moved upward as supply remains tight,” Yun said. “However, sellers should not expect the easy-profit gains and should look for multiple offers to fade as demand continues to subside.”

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While housing is becoming more unaffordable, so is just about everything else. Consumer prices have increased 8.5% for the 12 months ending in March — the last time that inflation was up that much was November of 1981.