Home prices rose for the fifth month in a row in June to essentially match an all-time peak reached a year ago, S&P Dow Jones Indices said.
Specifically, the S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 0.9% month over month and was just 0.02% below its year ago level, which marked a historic high for the measurement.
“June is the fifth consecutive month in which home prices have increased across the U.S.,” S&P DJI Managing Director Craig Lazzara said in a press release. “With 2023 half over, the National Composite has risen 4.7%, which is slightly above the median full calendar-year increase in more than 35 years of data. We recognize that the market’s gains could be truncated by increases in mortgage rates or by general economic weakness, but the breadth and strength of this month’s report are consistent with an optimistic view of future results.”
In Atlanta, home prices posted a 2.1% year-over-year gain in June, while prices rose 1.3% month over month.
The 10-city composite index slid 0.5% on a yearly basis and rose 0.9% on a monthly basis, while the 20-city composite fell 1.2% annually and gained 0.9% monthly.