Home prices hit a new record-high in July

foxbusiness.com:

Taylor Morrison CEO Sheryl Palmer discusses the headwinds facing the housing market after a drop in August existing home sales on 'The Claman Countdown.'

Home prices rose for the sixth consecutive month in July even as buyers continued to confront steep mortgage rates.

Prices increased 0.6% nationally in the period from June to July on a non-seasonally adjusted basis, the S&P CoreLogic Case-Shiller index showed Tuesday. On an annual basis, prices are up 1% from their peak in June 2022, according to the index.

«We have previously noted that home prices peaked in June 2022 and fell through January of 2023, declining by 5.0% in those seven months,» said Craig Lazzara, managing director at S&P DJI, in a release. «The increase in prices that began in January has now erased the earlier decline, so that July represents a new all-time high for the National Composite.»

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