Share Market Daily Writer By Mahesh Limbani Published August 30, 2022

Home Prices Fell, But Remained Much Higher Than A Year Earlier

Based on the S&P CoreLogic Case-Shiller Indices, home prices were 18% higher in June than they were a year ago.

Based on the S&P CoreLogic Case-Shiller Indices, home prices were 18% higher in June than they were a year ago.

It's a slower pace than May, when the annual gain was 19.9%. The 10-city composite rose 17.4%, down from 19.1% in May. Compared to May, the 20-city composite was 18.6% higher year over year.

There were increases of 35%, 33% and 28.2% in Tampa, Florida, Miami and Dallas in June, respectively. In June 2022, only one city reported higher price increases than in May 2022.

"June's growth rates for all three composites were at or above the 95th percentile of historical experience. According to the National Composite, the first six months of 2022 have seen a 10.6% growth.

The decline may seem small, but it is the largest since January 2011. Due to this, July's performance is the second worst since 1991, behind July 2010's 0.9% drop.

The rising mortgage rates are making an already expensive housing market even more expensive. A housing recession has been brewing for several months, according to some economists.

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