{"id":2017719,"date":"2023-08-31T04:46:02","date_gmt":"2023-08-31T08:46:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/housing-prices-rose-for-fifth-consecutive-month-in-june\/"},"modified":"2023-08-31T04:49:50","modified_gmt":"2023-08-31T08:49:50","slug":"housing-prices-rose-for-fifth-consecutive-month-in-june","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/housing-prices-rose-for-fifth-consecutive-month-in-june\/","title":{"rendered":"Housing prices continued to rise in June for the fifth month in a row."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhousing-prices-rose-for-fifth-consecutive-month-in-june%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2017719&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p class=\"paragraph inline-placeholder\"><strong>U.S. Home Prices Rise\u200d Again, Approaching All-Time High<\/strong><\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">In June, U.S. home prices experienced their fifth consecutive monthly increase, nearing their all-time high from a year ago.<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">According to the S&#038;P CoreLogic Case-Shiller US National Home Price Index, housing costs rose 0.7 percent from May, rebounding \u200bfrom \u200ca 0.4 percent\u2063 drop in April. This report \u200bwas published on Aug. 30.<\/p>\n<\/p>\n<p>A\u200c recent surge in the 30-year mortgage rate\u200b has created challenges for potential homebuyers.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li>\n        <a href=\"http:\/\/www.theepochtimes.com\/world\/home-prices-post-second-biggest-monthly-jump-since-2006-teranet-5477347\">Home Prices Post Second-Biggest Monthly Jump Since \u200d2006: Teranet<\/a><br \/>\n        <br \/>\n        <span class=\"text-comp-caption text-[14px] leading-[18px]\">8\/20\/2023<\/span>\n      <\/li>\n<li>\n        <a href=\"http:\/\/www.theepochtimes.com\/real-estate\/30-year-mortgage-rates-surge-to-highest-level-in-20-years-as-home-prices-remain-elevated-5474785\">30-Year Mortgage Rates Surge to Highest Level in 20 Years as \u200bHome\u200c Prices Remain Elevated<\/a><br \/>\n        <br \/>\n        <span class=\"text-comp-caption text-[14px] leading-[18px]\">8\/18\/2023<\/span>\n      <\/li>\n<\/ul>\n<\/blockquote>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economist-u-s-housing-market-in-deep-recession\/\" title=\"Economist: U.S. Housing Market in \"Deep Recession\"\">average 30-year mortgage rate<\/a> was at 7.54 percent\u2064 on Aug.\u2064 28, <a href=\"https:\/\/www.bankrate.com\/mortgages\/todays-rates\/mortgage-rates-for-tuesday-august-29-2023\/\" target=\"_blank\" rel=\"noopener\">according to Bankrate,<\/a> down from 7.62\u200d percent the week \u2064before and near its highest level\u2064 in almost two decades.<\/p>\n<h2>Buyers Pushed Out of \u200bMarket<\/h2>\n<p>The combination of higher mortgage payments and historically low\u200c housing stock has forced many households out of the market for home purchases.<\/p>\n<p>Andy Walden, vice president of enterprise research and strategy at Black Knight, <a href=\"https:\/\/edition.cnn.com\/2023\/08\/24\/homes\/home-affordability-worst-since-1984\/index.html\" target=\"_blank\" rel=\"noopener\">told CNN last week<\/a>, &#8220;To put today\u2019s affordability levels in perspective, it would take some combination of up to a 28% decline in home prices, a more than 4% reduction\u2063 in\u2062 30-year mortgage rates, or up to a 60% growth in median household incomes to bring home affordability\u200b back to its 25-year \u200caverage.&#8221;<\/p>\n<p>According to Black Knight, 38.6 percent of median household income is required to make\u2064 a monthly payment on the average home purchase, the worst measure since 1984.<\/p>\n<p>Since the beginning of the year, U.S. home prices have risen 4.7 percent, slightly above the median annual increase in over 35 years of recorded data, as reported by \u200bthe S&#038;P.<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">Craig Lazzara, Managing Director at S&#038;P \u200bDJI, stated, &#8220;The recovery\u2064 in home prices is broadly based. Our National Composite rose by 0.9%\u2062 in June, and it now stands only -0.02% below its all-time peak from exactly one year ago.&#8221;<\/p>\n<p>While home prices on the East Coast and in the Midwest have risen 1.6 and 2.8 percent, respectively, those in the West have experienced a year-over-year average decline of 5.9 percent.<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">For \u2063example,\u2062 in June, Atlanta saw price\u2064 gains of 2.1 percent, New York jumped 3.4 percent, and Cleveland rose \u20644.1 percent. On \u2063the other hand,\u2064 San Francisco fell 9.7 percent, Seattle lost 8.8 percent, and \u200cLas Vegas dropped \u200b8.2 percent.<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">Colin\u200c O&#8217;Leary, a\u200b salesperson at Berkshire Hathaway HomeServices \u2062Fillmore Real Estate,\u200c told\u2064 The Epoch \u200cTimes, &#8220;The S&#038;P CoreLogic Case-Shiller U.S. National Home Price Index for June \u200dshowed mixed results. As \u200dbuyers adjust to higher interest rates, home prices are continuing to increase in many markets due to a lack of listing \u2063inventory.&#8221;<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">As a result, home purchase applications have dropped by 7 percent annually, reaching their lowest level in nearly 30 \u200byears during the week ending Aug. 18, according to Redfin\u2019s Homebuyer Demand Index.<\/p>\n<h2>Low Inventory<\/h2>\n<p>&#8220;Low housing supply is keeping home \u200dprices high in many markets, adding to \u200cthe affordability hurdles buyers are facing,&#8221; said Joel Kan, MBA\u2019s vice \u200bpresident and\u2063 deputy \u200bchief economist.<\/p>\n<div style=\"margin-left:0;margin-right:0;max-width:1200px\">\n<figure style=\"width:640px;margin-left:auto;margin-right:auto\" class=\"alignnone\"><figcaption>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-housing-starts-surge-in-boost-to-economy\/\" title=\"US Housing Starts Surge in Boost to Economy\">construction worker carries materials<\/a> as he works on a home under construction at a housing development in\u200c Petaluma,\u200d Calif., on March 23, 2022. (Justin \u200dSullivan\/Getty Images)<\/figcaption><\/figure>\n<\/p><\/div>\n<\/p>\n<p class=\"paragraph inline-placeholder\">Many homeowners are currently unwilling to\u2063 sell their homes at <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinese-bank-shares-fall-on-existing-mortgages-rate-cut-concerns\/\" title=\"Chinese bank shares drop due to worries about a rate cut on existing mortgages.\">existing mortgage rates<\/a>\u2063 after purchasing them at ultra-low average rates of 3\u200c to \u200d4 percent.<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">This factor\u200d has \u200bexacerbated the existing housing shortage, pushing prices even higher for potential homebuyers.<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">Hannah Jones, an economic data analyst at Realtor.com, stated, &#8220;Many existing homeowners remain \u200don the sidelines of the market, content to stay put as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/housing-prices-rose-for-fifth-consecutive-month-in-june\/\" title=\"Housing prices continued to rise in June for the fifth month in a row.\">mortgage rates reach 20-year highs<\/a>. As a result, home shoppers are \u2064seeing \u200bfewer existing homes for sale and facing more competition for the homes available.&#8221;<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">To\u2062 address the lack\u200c of existing housing, new constructions are\u2062 needed \u200cto fill the gap, which saw another increase in July.<\/p>\n<\/p>\n<p class=\"paragraph inline-placeholder\">Ms. Jones expressed caution as\u2063 affordability issues continue to weaken buyer demand, stating, &#8220;Limited home\u2063 inventory, still-high\u2064 prices, and elevated mortgage rates meant that both new and existing \u2062home sales fell in June, though \u200bnew home sales remained well above the pre-pandemic levels.&#8221;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. home prices climbed for the fifth consecutive month in June, nearing their previous record high from a year ago. Housing costs increased by 0.7% from May, rebounding from a 0.4% decline in April. The S&amp;P CoreLogic Case-Shiller US National Home Price Index, released on Aug. 30, revealed a swift surge in prices.<\/p>\n","protected":false},"author":327,"featured_media":2017720,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2017719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2017719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/327"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2017719"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2017719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2017720"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2017719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2017719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2017719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}