Existing home sales in the U.S. fell in June to their lowest level since the 2007-2008 Great Financial Crisis and increases in home prices have continued to slow in many markets, according to the CoreLogic S&P Case-Schiller Index for May.
"While markets where inventories continue to hover below pre-pandemic levels saw home prices continue to rise, some markets with considerable inventory increases did see home prices starting to slip downward," CoreLogic reported. Sales have been hindered by high mortgage rates.
Though home prices appreciated in May for the 11th consecutive month, the report found the pace is slowing. "The CoreLogic S&P Case-Shiller Index slowed to a 5.9% year-over-year gain in May after peaking at 6.5% in both February and March of this year," it reported while predicting home prices would increase 5% on average in 2024.
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