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US home prices soar at record pace in June | Jobs

Washington (AP) — US home prices soared record-breaking in June as homebuyers competed for a limited supply of available homes. This is the latest evidence that the housing market is still hot.

The S & P Core Logic Case-Shiller 20 City Home Price Index rose 19.1% year-on-year in June, the largest rise in record dating back to 2000. Annual price increases in June were higher in all 20 cities than in May. Prices are record highs in 19 of the 20 cities, excluding Chicago.

Craig Lazzara, Managing Director of S & PDJI’s Index Investment Strategy, said:

There are signs that high prices are cooling sales a bit. July pre-owned home sales increased 1.5% year-on-year Another report showed last week.. It’s a much slower pace than last month. And the number of contracts signed for home purchases, leading indicators of final sales, It has fallen for 2 consecutive months..

Prices rose the most in Phoenix in June, up 29.3% year-on-year, up 27.1% in San Diego and up 25% in Seattle.

The COVID-19 pandemic has led many Americans to look for suburban homes that offer more space and are less crowded than apartments in big cities. However, many other homeowners hesitated to sell during the pandemic, and new home construction was created in the face of a shortage of materials, land and labor.

As a result, the number of existing homes for sale in July was only 1.32 million, a decrease of 12% from the previous year. However, as the number of homes available in July increased compared to the previous month, there are signs that high prices are driving more people to sell.

Another challenge for homebuyers is competition with investors, including Wall Street companies that are buying single-family homes for rent. Almost a quarter of all existing home sales in July were full cash sales, up from 16% in the previous year.

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US home prices soar at record pace in June | Jobs

Source link US home prices soar at record pace in June | Jobs

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