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U.S. housing prices are rising due to limited inventory and high mortgage rates. According to an analysis of the latest Case-Shiller U.S. National Home Price NSA Index from financial services company Bankrate, home prices increased by 5.9% as of May 2024, marking a new record for the third consecutive month. The 10-city and 20-city indices also saw annual increases of 7.7% and 6.8%, respectively. New York City now leads in annual price growth at 9.4%, surpassing San Diego, which previously held the top spot. Other cities that held top spots in annual price growth include Las Vegas, Los Angeles, and Miami.
“Our home price index has appreciated 4.1 percent year-to-date, the fastest start in two years,” said Brian D. Luke, head of commodities, real & digital assets at S&P Dow Jones Indices, in a statement. “Covering the six-month period dating to when mortgage rates peaked, our national index has risen the past four months, erasing the stall experienced late last year.”
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