Despite a strong finish in the first half of the year, home prices slowed up during the month of July compared to the month prior. According to Radian Home Price Index (HPI) home prices in July rose at 6.8% annualized rate.
Looking at national trends, the median home price in the U.S. rose to $258,206, a slight increase over the last three months. Supply and demand issues continue to drive home prices up. Supply of homes was down 15% from the average and nearly 27% below peak monthly listing counts.
“Home prices across the U.S. continued an impressive appreciation run in July. When contrasting the effect on home prices of negative COVID headwinds on the U.S. consumer and economy versus the trifecta of historic low mortgage rates, near a record-low supply of homes for sale and increased demand for homeownership, so far home prices have come out on top,” noted Steve Gaenzler, SVP of Data and Analytics