Annual Home Price Gains Hit Record High in June
Strong demand, limited supply, and rising material and labor costs keep home prices climbing. The annual home price gains are setting records.
In June, national home prices continued to rise at a fast and unsustainable rate. Strong demand and low housing inventory have been driving home prices at double-digit growths for eleven months. All 20 metro areas reported home price increases in June, while 12 of them had an acceleration in home price growth.
It marks the eleventh consecutive month of double-digit growth in home prices since August 2020. National home prices are now 40.5% higher than their last peak during the housing boom in 2006. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted an 18.6% annual gain in June, up from 16.8% in May. It is the fastest annual gain in the history of this index dating back to 1987.