The S&P CoreLogic Case-Shiller 20-city house price indexCompared with a year ago, house prices are up 0.1 percent. A month earlier, they had been down on an annual basis by 1.2 percent. The index is hit a new all-time high in July.The narrower 10-city index, which tracks prices in the largest metro areas in the U.S., rose 0.8 percent in July, Compared with a year ago, the 10-city index is up 0.9 percent. A month earlier, the index was showing an annual price decline of 0.5 percent.
The broader national index rose a seasonally adjusted 0.6 percent in July. Compared with a year ago, the index shows prices up one percent, up from flat a month ago.“We have previously noted that home prices peaked in June 2022 and fell through January of 2023, declining by 5.0% in those seven months. The increase in prices that began in January has now erased the earlier decline, so that July represents a new all-time high for the National Composite.
Before seasonal adjustments, all three indexes were up a strong 0.6 percent month-over-month in July.from the Federal Housing Finance Agency said home prices rose 0.8 percent in July compared with the prior month. The FHFA’s index has home prices up 4.4 percent year-over-year. “Although the market’s gains could be truncated by increases in mortgage rates or by general economic weakness, the breadth and strength of this month’s report are consistent with an optimistic view of future results,” Lazzara said.
The surge in home prices is likely partially the result of a dearth of homes being sold by owners. Most homeowners locked in mortgage rates much lower than are available for new home loans. As a result, many owners feel they are anchored to their current home.
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