Continued Home Price Growth Despite Rate Hikes: June Housing Market Update

Home prices in the United States rose for the fifth consecutive month in June, increasing by 0.9% nationally on a non-seasonally adjusted basis, according to the S&P CoreLogic Case-Shiller index. While the 10-city and 20-city composites showed declines, there were regional differences, with Chicago leading as the best-performing city for the second straight month. The West Coast experienced some of the largest price declines. The housing market continues to face challenges due to high mortgage rates and a limited supply of homes, resulting in increased competition and rising prices. The inventory shortage is expected to persist, as sellers with low mortgage rates are reluctant to sell, and new construction has been slow.