Home prices rose again in June, marking the fifth successive month of gains, and remaining near the all-time highs notched a year ago.
Prices rose 0.7% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday.
“The recovery in home prices is broadly based,” said Craig Lazzara, managing director at S&P DJI.
While home prices have remained strong in 2023, stubbornly high mortgage rates complicate the situation for potential homebuyers, said Selma Hepp, CoreLogic’s chief economist. That will likely keep price gains in check during the rest of the year, she added.
Home prices are expected to reaccelerate and reach a mid-single-digit growth rate by the end of the year, she said.
“Home price acceleration is most notable in markets that remained relatively affordable throughout the pandemic and saw less volatility from household migration, such as those in the Midwest and New England,” said Hepp. “Home prices in these markets are now catching up with more expensive ones.”
This is a developing story and will be updated.