Home prices rose for the fifth consecutive month in June even as buyers continued to confront steep mortgage rates.
Prices 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."June is the fifth consecutive month in which home prices have increased across the U.S.," said Craig Lazzara, managing director at S&P DJI, in a release.
On the other end of the spectrum, cities on the West Coast posted some of the biggest declines. San Francisco prices plummeted 9.7%, edging out Seattle with its 8.8% decline."The Midwest continues as the nation’s strongest region, followed this month by the Northeast. The West remains the weakest region."The Case-Shiller index reports with a two-month delay, meaning it may not capture the latest ongoings in the market.
"High mortgage rates are still no match for very low inventory, making competition for what is on the market higher than it would be otherwise given the affordability constraints, and thus prices continue to inch up," said Nicole Bachaud, Zillow senior economist.
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