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U.S. home prices inch up in July as growth stays resilient
Prices rose 3.4% year over year in July, the fastest annual gain in a year, while mortgage rates still sit in the mid to high 6% range.
U.S. home prices rose 0.27% month over month in July on a seasonally adjusted basis, essentially matching June’s 0.28% growth, according to the Redfin Home Price Index, which uses a repeat-sales pricing method.
The RHPI showed prices up 3.4% from a year earlier, the fastest annual growth rate in a year. Redfin said the flat month-to-month pace reflects housing market dynamics, including affordability pressure from mortgage rates that have stayed in the mid to high 6% range through summer.
Redfin attributed the modest slowdown to a market split between constrained everyday buyers and wealthier buyers with more purchasing power, plus a seller-to-buyer imbalance that caps price growth. It also pointed to strength in luxury homes, noting that luxury prices are rising faster than non-luxury prices.
Across 29 major metros, home prices increased month over month in July, with the largest gains in San Francisco at 1.5% and Oakland at 1.3%. Redfin said home-price growth remains surprisingly resilient even as broader demand cools.
sources: Redfin News