BIDENOMICS: Home Prices Hit New Record As Buyers Face Soaring Mortgage Rates

  • Home prices rose for the sixth consecutive month in July even as buyers continued to confront steep mortgage rates.
  • Prices increased 0.6% nationally in the period from June to July on a non-seasonally adjusted basis, the S&P CoreLogic Case-Shiller index showed Tuesday. On an annual basis, prices are up 1% from their peak in June 2022, according to the index.
  • “We have previously noted that home prices peaked in June 2022 and fell through January of 2023, declining by 5.0% in those seven months,” said Craig Lazzara, managing director at S&P DJI, in a release.
  • “The increase in prices that began in January has now erased the earlier decline, so that July represents a new all-time high for the National Composite.”
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