Home prices hit a new record in June amid an ongoing housing shortage, even as high mortgage rates continued to push affordability out of reach for millions of Americans.
Prices increased 5.4% nationally in June when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday, down from the 5.9% pace recorded the previous month.
On a monthly basis, prices climbed 0.2%, according to the index.
“The upward pressure on home prices is making this the most unaffordable housing market in history,” said Lisa Sturtevant, Bright MLS chief economist. “First-time and moderate-income home buyers, in particular, increasingly are being left out of the housing market.”
A $1 MILLION STARTER HOME IS THE NEW NORMAL IN OVER 200 CITIES
The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 7.4% annually, compared with an increase of 7.7% in May.
The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 6.5%, a decrease from the 6.9% figure recorded the previous month.
Prices rose in all the 20 major metro markets tracked by the index. The largest price gain took place in New York, which recorded a year-over-year increase of 9% It was followed by San Diego and Las Vegas, with respective gains of 8.7% and 8.5%.
THE US HOUSING MARKET IS ‘STUCK,’ AND MIGHT REMAIN THAT WAY UNTIL 2026
Portland, Oregon, once again saw the smallest gain in June, with home prices climbing just 0.8% from the prior year.
This is a developing story. Please check back for updates.
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