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Home prices hit a new record-high in July

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U.S. home prices continued to march higher in July, according to new S&P data, even as the housing market grapples with an ongoing spike in mortgage rates.

Taylor Morrison CEO Sheryl Palmer discusses the headwinds facing the housing market after a drop in August existing home sales on 'The Claman Countdown.'steep mortgage ratesPrices increased 0.6% nationally in the period from June to July on a non-seasonally adjusted basis, the S&P CoreLogic Case-Shiller index showed Tuesday. On an annual basis, prices are up 1% from their peak in June 2022, according to the index.

The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 0.9% annually, compared with a 0.5% decline in June. The 20-city composite, which also tracks housing prices in Dallas and Seattle, inched up 0.1% in July, which also marks an improvement from the 1.2% drop recorded the previous month. in the 20 cities: Chicago saw a 4.4% annual gain, making it the best-performing city for the third straight month.

 

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