US home prices hit a record high this summer

Published On Aug 27, 2024, 9:00 AM

US home prices reached a record high in June, with the S&P CoreLogic Case-Shiller National Home Price Index rising 0.2% from the previous month and 5.4% year-over-year. The 20-city index increased by 0.4% month-over-month and 6.5% year-over-year, demonstrating strong price performance, especially in cities like New York, San Diego, and Las Vegas. However, affordability remains a concern as the National Association of Realtors’ affordability index dropped, indicating that typical families are finding it increasingly difficult to afford homes. As mortgage rates are expected to drop further, the market is in a wait-and-see mode, with lower rates potentially boosting sales activity but slowing down price appreciation.