Home prices in the U.S. continue to rise, but now at more of a crawl than a sprint. They were up 0.2% in June – the smallest increase in 18 months, according to the Redfin Home Price Index (RHPI).
The RHPI measures the sale prices of homes that sold during a given period and how those prices have changed since the last time those same properties sold. June data covers the entire second quarter.
Compared to the same month in the previous year, home prices in June 2024 were up 6.9% – the lowest annual growth since January. The rise may be slow, but the dip in mortgage rates and low inventory is likely to keep it steady, as home prices keep setting record highs even though there are fewer buyers, RHPI commented.
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