Home Prices in 20 U.S. Cities Rise by Least in Almost a Year
Home-price gains in 20 U.S. cities grew in July at the slowest pace in almost a year, a sign demand is increasingly bumping up against affordability constraints, according to S&P CoreLogic Case-Shiller data released Tuesday.
July marked the fourth consecutive month that annual price gains in the 20-city index decelerated. That’s in sync with other reports indicating housing is stalling as buyers shy away from higher prices amid mortgage rates near the highest since 2011, in addition to a lack of choice among affordable properties. At the same time, steady hiring and elevated confidence are supporting demand.