U.S. home prices continued to march higher in June, according to new S&P data, even as the housing market grapples with an ongoing spike in mortgage rates.
Redfin CEO Glenn Kelman analyzes the state of the housing market after mortgage rates surged past 7% on 'Cavuto: Coast to Coast.'steep mortgage ratesPrices increased 0.9% nationally in the period from May to June on a non-seasonally adjusted basis, the S&P CoreLogic Case-Shiller index showed Tuesday. On an annual basis, prices are down just 0.02% from their peak in June 2022, according to the index.
The 10-city composite, which encompasses Los Angeles, Miami and New York, fell 0.5% annually, compared with a 1.1% decline in May. The 20-city composite, which also tracks housing prices in Dallas and Seattle, fell 1.2% in June, which also marks an improvement from the 1.7% drop recorded the previous month. in the 20 cities: Chicago saw a 4.2% annual gain, making it the best-performing city for the second straight month. Cleveland, meanwhile, posted a 4.
"Regional differences continue to be striking," Lazarra said. "The Midwest continues as the nation’s strongest region, followed this month by the Northeast. The West remains the weakest region."
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