No shock: home prices up yet again in latest Case-Shiller Index

Home prices in June are up for the 74th consecutive month, according to the latest S&P CoreLogic Case-Shiller National Home Price NSA Index, released Tuesday.

Home prices rose 6.2 percent from June 2017, in nine markets the index tracks, a slower pace than last month’s 6.4 percent year-over-year increase.

“Home prices continue to rise across the U.S.” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. “However, even as home prices keep climbing, we are seeing signs that growth is easing in the housing market.”

“Sales of both new and existing homes are roughly flat over the last six months amidst news stories of an increase in the number of homes for sale in some markets,” Blitzer added. “Rising mortgage rates – 30 year fixed rate mortgages rose from 4 percent to 4.5 percent since January – and the rise in home prices are affecting housing affordability.”

Developing…

Inman