Home prices in the United States have reached an all-time high as the real estate market makes a strong recovery.

According to seasonally adjusted data from S&P CoreLogic Case-Shiller, a national indicator of prices, there was a sixth consecutive monthly increase of 0.6% in July compared to June.

Over the course of this year, the national measure has risen by 5.3%.

These gains for the current year have managed to offset the 5% drop in prices that occurred from the peak in June 2022 to January 2023 when the market was slowing, Bloomberg reported.

This index reflects a period during which mortgage rates began to rise, approaching 7%.

Many homeowners are hesitant to list their properties for sale during a time of elevated borrowing costs, resulting in buyers competing for a limited supply of homes available for sale.

According to Realtor.com, the number of homes available for resale in August was down by 7.9% compared to the previous year.

Written by staff