Home prices rose for the fifth consecutive month in June even as buyers continued to confront steep mortgage rates.
Prices increased 0.9% nationally in the period from May to June on a non-seasonally adjusted basis, the S&P CoreLogic Case-Shiller index showed Tuesday. On an annual basis, prices are down just 0.02% from their peak in June 2022, according to the index.
"June is the fifth consecutive month in which home prices have increased across the U.S," said Craig Lazzara, managing director at S&P DJI, in a release. "We recognize that the market’s gains could be truncated by increases in mortgage rates or by general economic weakness, but the breadth and strength of this month’s report are consistent with an optimistic view of future results."
The 10-city composite, which encompasses Los Angeles, Miami and New York, fell 0.5% annually, compared with a 1.1% decline in May. The 20-city composite, which also tracks housing prices in Dallas and Seattle, fell 1.2% in June, which also marks an improvement from the 1.7% drop recorded the previous month.
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