Home prices across the nation have increased for five straight months as of June, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index data.
Case-Shiller's National Index posted a month-over-month increase of 0.7%. Meanwhile, the 10-City and 20-City Composites, measuring home prices in major metros across the U.S., both posted increases of 0.9%.
The National Composite "now stands only 0.02% below its all-time peak from exactly one year ago," S&P DJI Managing Director Craig Lazzara said in a statement.
But home price movements varied significantly across different areas, the analysis found.
Three major cities again led the way in terms of annual home price increases in June, according to the 20-City Composite Index.
"The recovery in home prices is broadly based," S&P Dow Jones said in its analysis. "Prices rose in all 20 cities in June, both before and after seasonal adjustment. Over the last 12 months, 10 cities show positive returns. Otherwise said, half the cities in our sample now sit at all-time high prices."
On the other hand, the metros where home prices took the deepest plunge were San Francisco (-9.7%) and Seattle (-8.8%). Regionally, the strongest gains were seen in the Midwest (+2.8%) and the Northeast (+1.6%), according to the data. The West (-5.9%) came in as the weakest region.
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HOMEBUYERS ARE FINDING BETTER DEALS IN THESE CITIES, SURVEY SAYS
Despite lukewarm demand, home prices have increased significantly throughout 2023, according to a July analysis by Redfin.
Redfin’s Homebuyer Demand Index, which gauges requests for tours and other home-buying services from Redfin agents – dropped 3% from last year, and mortgage-purchase applications went down about 23%.
Still, the average U.S. home price was $382,000 during the four weeks ending July 23, representing a 2.6% increase from last year and the sharpest spike since November, Redfin said.
Nonetheless, Redfin’s analysis also unearthed significant drops in home prices in these cities.
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FINANCIAL STRESS HAS BIGGEST IMPACT ON AMERICANS’ MENTAL HEALTH: SURVEY
Despite a housing market defined by rising mortgage rates, delinquency levels returned to a record low, according to the latest data by CoreLogic.
In fact, just 2.6% of U.S. mortgages were in a state of delinquency in May, signaling a modest decrease from 2.7% last year.
CoreLogic defines delinquency as mortgages that are 30 days or more past due. Here's how the different levels of delinquency stood based on the firm’s analysis.
"May’s overall mortgage delinquency rate matched the all-time low, and serious delinquencies followed suit," CoreLogic Principal Economist Molly Boesel said in a statement. "Furthermore, the rate of mortgages that were six months or more past due, a measure that ballooned in 2021, has receded to a level last observed in March 2020."
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RISING COSTS OF OWNING A CAR PUSHING MORE AMERICANS TO CONSIDER GOING CARLESS, SURVEY SAYS
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