U.S. home prices rose in June, as demand to purchase homes outpaced the supply of for-sale listings.
The S&P CoreLogic Case-Shiller 20-city house price index rose 0.9% in June, as compared to the previous month.
Despite mortgage rates being over 7%, buyer demand hasn’t fully dried up. And a persistent lack of home listings has pushed up home prices, as buyers converge on a limited number of homes on the market. Bidding wars are back in some markets, while others are seeing an uptick in all-cash buyers, hoping to avoid high borrowing costs.Chicago, Cleveland and New York led the rankings as the top three cities with the highest year-over-year price gains among the top 20 cities in June.
Big picture: Home prices went up in June as the housing market continues to be hampered by its inventory woes. Homeowners who have no reason to sell hang on to their homes, and buyers converge on a limited number of home listings.
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