Bloomberg reports that the US home-price growth slowed for the fifth consecutive month in June, rising just 1.9% year-over-year, the smallest gain since summer 2023, according to S&P CoreLogic Case-Shiller data. The sluggish pace reflects the weakest spring selling season in 13 years, with high prices and mortgage rates deterring buyers. Some markets, like New York, remain highly competitive, posting a 7% price increase, while pandemic-era hot spots such as Tampa and Phoenix are seeing price declines. The data suggests a turning point in the housing market, with recent months showing renewed momentum after early declines. They write:
Home-price growth in the US slowed for a fifth straight month in June.
A national gauge of prices rose 1.9% from a year earlier, according to data from S&P CoreLogic Case-Shiller. That was the smallest gain since the summer of 2023 and followed a 2.3% increase in May. […]
Among 20 major cities, New York still “stands as a stark outlier,” Godec said, leading the index with a 7% annual gain in prices. Following were Chicago, with a 6.1% increase, and Cleveland, at 4.5%.
Prices, meanwhile, are falling in former pandemic-era “darlings,” such Phoenix, Tampa and Dallas, he said. Tampa’s 2.4% year-over-year decline was the biggest in the index.
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