July marked the sixth month in a row where home prices grew locally and nationally from the previous month, according to a much-watched measure of the U.S....
“After a strong 5% cumulative U.S. home price gain since the early spring, monthly increases are plateauing to a seasonal average, which reflects the pressure that higher mortgage rates have put on affordability,” CoreLogic chief economist Selma Hepp said in a statement. “As a result of the early 2023 growth, annual price appreciation should accelerate in the coming months before slowing again. Areas in the Midwest continue to lead the national gains given their relative affordability.
“I really don’t see [home prices] going down much more,” Belinda Epps, president of the MetroTex Association of Realtors and broker and owner of Epps Realty in Mesquite and Royse City, toldearlier in September. “We don’t have enough houses yet. Even though inventory is picking up, it’s still not where it needs to be in order to balance out this market. It’s just not there yet.”U.S. home prices were up 1% in July from a year before while D-FW prices were down 3.
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