Home prices rose for a sixth consecutive month in July, with the S&P Case-Shiller US National Home Price Index reaching an all-time high, surpassing its previous record in June 2022. The index rose 0.6% from the previous month and 1% on a year-over-year basis. The index, which measures home prices in the 20 largest US cities, rose 0.9% monthly in July after adjustment, exceeding the expected 0.7% rise by economists surveyed by Bloomberg.
“This recovery in home prices is broadly based,” Craig J. Lazzara, managing director at S&P DJI, confirmed. “As was the case last month,10 of the 20 cities in our sample have reached all-time high levels. In July, prices rose in all 20 cities after seasonal adjustment (and in 19 of them before adjustment).”
According to the National Realtors Association, US median home prices in July rose 1.9% to $406,700. Although many buyers decided to pull back as a result of high borrowing costs, demand remains resolute, outweighing supply.