US house prices rise again in June
By Michele Maatouk
Date: Tuesday 29 Aug 2023
(Sharecast News) - US house prices rose again in June, according to the latest S&P/Case-Shiller national home price index.
The 20-city house price index rose 0.9% on the month. On the year, meanwhile, house prices were down 1.2%.
The seasonally-adjusted US National Index posted a month-over-month jump of 0.7%.
Craig J. Lazzara, managing director at S&P DJI, said: "June is the fifth consecutive month in which home prices have increased across the US. With 2023 half over, the National Composite has risen 4.7%, which is slightly above the median full calendar year increase in more than 35 years of data.
"We recognise 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."
Oxford Economics said: "Home prices as measured by both the FHFA and S&P CoreLogic Case-Shiller home price indexes extended their streak of gains in June and the y/y trend in prices improved. These are lagged data and we expect home prices to come under some renewed pressure in the months ahead given the recent spike in mortgage rates to a 22-year high.
"However, we expect a shortage of homes for sale will continue prevent too steep of a decline in existing home prices as sellers with low mortgage rates stay on the sidelines."
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