08/27/2024

U.S. House Prices Fall on Monthly Basis in June

House prices dipped 0.1 percent on a month-on-month basis

U.S. single-family home prices fell in June, leading to the smallest annual increase in nearly a year, as higher mortgage rates pushed buyers to the sidelines and boosted housing supply.

House prices dipped 0.1 percent on a month-on-month basis after being unchanged in May, the Federal Housing Finance Agency said on Tuesday. They increased 5.1 percent in the 12 months through June, the smallest year-on-year rise since July 2023, after advancing by an upwardly revised 5.9 percent in May. The rise in annual house prices was previously reported to have been 5.7 percent in May.

Prices were up 0.9 percent in the second quarter compared to the January-March quarter. They increased 5.7 percent between the second quarter of 2023 and the April-June quarter this year.

Please select this link to read the complete article from Reuters.