U.S. home prices are continuing to climb, but the rate at which they are growing appears to be slowing down. According to housing market platform Redfin, U.S. home prices rose by just 0.2% in June 2024. Prices in June were still up by 6.9% from the year prior, but this was the smallest month-over-month increase recorded since January 2023. The rate of price growth has decreased each month since February 2024, but regardless, home prices continue to set record highs each month.
“Even though price growth has been slowing down, falling mortgage rates and lower-than-usual inventory levels are likely to keep prices ticking up in the coming months,” said Redfin Senior Economist Sheharyar Bokhari. “The Redfin Home Price Index has only fallen twice in its 12 year history—in August and September 2022, when mortgage rates and inventory spiked significantly. Those things are unlikely to happen this year.”
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