Home Price Appreciation Continues in June

In June, national home prices continued to increase. Limited inventory and solid but weakened demand put upward pressure on home prices, despite rising mortgage rates. Locally, all 20 metro areas, reported by S&P Dow Jones Indices, had positive home price appreciation in June.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 8.1% in June, slightly slower than a 10.2% increase in May. After seven consecutive months of decline, home prices have increased for five consecutive months since February 2023. National home prices are now 65% higher than their last peak during the housing boom in March 2006.

On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 0.0% annual gain in June, following a 0.4% decrease in May and a 0.1% decrease in April.

Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 4.2% in June, following a 9.2% increase in May. On a year-over-year basis, the FHFA Home Price NSA Index rose by 3.2% in June, up from 3.0% in the previous month.

In addition to tracking national home price changes, S&P Dow Jones Indices reported home price indexes across 20 metro areas in June.

In June, all 20 metro areas reported positive annual growth rates ranged from 3.6% to 18.9%. Among the 20 metro areas, 11 metro areas exceeded the national average of 8.1%. San Diego, Seattle, and New York had the highest home price appreciation in June. San Diego led the way with an 18.9% increase, followed by Seattle with an 18.2% increase and New York with a 16.4% increase.