“As we’ve noted previously, the recovery in home prices is broadly based. Prices rose in all 20 cities in June, both before and after seasonal adjustment,” Craig Lazzara, managing director at S&P DJI, said in the report. “Over the last 12 months, 10 cities show positive returns. Otherwise, half the cities in our sample now sit at all-time high prices.
“With 2023 half over, the National Composite has risen 4.7%, slightly above the median full calendar year increase in more than 35 years of data. We recognize that the market’s gains could be truncated by increases in mortgage rates or by general economic weakness, but the breadth and strength of this month’s report are consistent with an optimistic view of future results.”
Hepp added that home prices “are still expected to reaccelerate and reach mid-single-digit growth rate by the end of the year, according to CoreLogic’s latest HPI forecast.”
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Source: mpamag.com