The US housing market is continuing an upward trend after a brief pause in June. In July, the S&P CoreLogic Case-Shiller Home Price Index showed that prices were up 0.98% compared to the same month last year. This is the first time since September that annual home prices have increased.
In addition to the 0.98% increase in home prices from the previous year, there is increased demand in the housing market. It is estimated that the existing home sales in July grew by 4.2%, while the new home sales grew by 10.5%. Boosts in demand combined with limited housing inventory has led to price increases in some of the largest metropolitan areas in the United States.
Here are some key takeaways from this news:
• Home prices in July were up 0.98%, according to the S&P CoreLogic Case-Shiller Home Price Index.
• This marks the first annual increase since September.
• There is increased demand in the housing market, with existing home sales growing by 4.2% and new home sales growing by 10.5%.
• Price increases in some of the largest metropolitan areas in the United States are largely due to limited housing inventory.
The US housing market has seen consistent growth in the second half of 2020. The S&P CoreLogic Case-Shiller Home Price Index data in July showed the first annual price increases since September. This increase came in part due to an increase in demand for housing, although limited housing inventory has also contributed to the overall price increases. The future of the US housing market looks strong for the remainder of the year and into 2021.
You can read this full article at: https://www.housingwire.com/articles/u-s-home-prices-continued-to-rally-in-july-2023/(subscription required)
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