Housing Prices Rose for Fifth Consecutive Month in June

Housing Prices Rose For The Fifth Consecutive Month In June, As Mortgage Rates Go Up And Shortages Persist.

A house is for sale in Arlington, Va., July 13, 2023. Saul Loeb/AFP via Getty Images

U.S. home prices rose again in June, for the fifth successive month, rising close to their all-time high from a year ago.

Housing costs rose 0.7 percent from May, after dropping 0.4 percent in April, according to the S&P CoreLogic Case-Shiller US National Home Price Index, which was published on Aug. 30.

A rapid surge in the 30-year mortgage rate over the past few weeks is complicating matters for potential homebuyers.

The average 30-year mortgage rate was at 7.54 percent on Aug. 28, according to Bankrate, down from 7.62 percent the week before and near its highest level in almost two decades.

Buyers Pushed Out of Market

The combination of higher mortgage payments and historically low housing stock has pushed many households looking to purchase out of the market.