U.S. Home Prices Hit Record High in June, Up 6.5% YoY and 0.42% MoM

Aug 27, 2024, 01:08 PM

U.S. home prices reached a record high in June 2024, according to the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index. The index reported a year-over-year increase of 6.5%, surpassing the expected 6.2% growth. Month-over-month, home prices rose by 0.42%, exceeding the anticipated 0.3% increase. Despite the record highs, the pace of home price growth showed signs of moderation. The limited supply of homes continues to drive prices upward, although increasing inventories are beginning to shift momentum towards buyers. The National Home Price Index also recorded a year-over-year rise of 5.42%. Additionally, the Case-Shiller index noted a 0.5% increase from May to June, a 5.4% year-over-year increase, and a 4.6% year-to-date rise since June 2022.