Home Prices in 20 U.S. Cities Post Smallest Gain Since 2016

Home prices in 20 U.S. cities rose in June at the slowest monthly pace in almost two years, as demand cools in the face of affordability constraints including elevated mortgage rates, according to S&P CoreLogic Case-Shiller data released Tuesday.

The figures reinforce other recent signs that the residential real estate market is softening. The National Association of Realtors said purchases of previously owned homes fell to a two-year low in July amid supply constraints and escalating prices. Government data showed a similar trend in the new-home market, with sales dropping to a nine-month low.