U.S. home prices rose for the fourth straight month in May, according to the S&P Case-Shiller index.
A broader measure of home prices, the national index, rose month-over-month in May by 0.7%, but was down 0.5% over the past year. All numbers are seasonally adjusted.A broader measure of home prices, the national index, rose month-over-month in May by 0.7%, but was down 0.5% over the past year. All numbers are seasonally adjusted.
Homeowners are holding out on selling homes, opting to stay put or even rent their home out and wait until mortgage rates come down enough such that selling and buying a new home with a new mortgage won’t be as expensive. “With households running through their savings, student loan payments set to resume, job growth slowing, and mortgage rates remaining above 6%, affordability is going to be a bigger factor in the months ahead,” she added.
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