U.S. Home Prices Rise for Fifth Consecutive Month

U.S. home prices rose for a fifth consecutive month in June amid a limited supply of for-sale listings and higher mortgage interest rates. Home prices were up 0.9% from May to June, according to the seasonally unadjusted S&P CoreLogic Case-Shiller U.S. National Home Price Index, which measures average home prices across the nation. While that was the fifth month in a row that prices have increased, the annual rate of change has weakened over the past 14 months since reaching a historic peak of 20.8% in April 2022. Home prices were unchanged year-over-year in June 2023, which is better than the 0.4% annual dip in June 2023. Looking at more granular results, the S&P CoreLogic Case-Shiller 20-City Composite Index, which tracks prices in the 20 largest metros, posted a 0.9% month-over-month gain, while prices were down 1.2% on a year-over-year basis. In June, all 20 cities in the index reported month-over-month price increases for the fourth consecutive month. The largest monthly increase was in Cleveland (1.5%), followed by Chicago and Miami (both at 1.4%). On an annual basis, 10 of the 20 metro areas recorded lower prices, with the deepest pull backs in West region markets, led by San Francisco (-9.7%), Seattle (-8.8%), Las Vegas (-8.2%) and Phoenix (-7.5%). The nation’s biggest annual price hikes were in Chicago (4.2%), Cleveland (4.1%) and New York (3.4%).