US House Prices Soared by Most on Record in June

Home prices across the US skyrocketed to yet another record in June, as buyers continued to compete for a shrinking inventory of properties.

The S&P CoreLogic Case-Shiller national home price index broke yet another record in June, soaring by 18.6% from one year ago, marking the third consecutive month of record-breaking gains and sharpest jump in home price inflation on data going back to 1988.

America’s real estate market has been booming since the beginning of the pandemic, as work-from-home flexibility prompted a surge in demand for more spacious housing outside of major urban regions. That, and historically low mortgage rates, coupled with short housing supply and subsequent soaring lumber and material costs, have forced housing prices to repeatedly reach record-high levels throughout the past year.

Policymakers have taken notice of the trend, and some have pointed to Federal Reserve Chair Jerome Powell’s mortgage-backed security purchases as the reason behind the rally pushing the cost of housing to skyrocketing levels. Moreover, to make the situation even more financially burdensome for Americans, the proportion of properties at lower price points have significantly decreased, as they were quickly bought up by investors and converted into rental homes.


Information for this briefing was found via S&P Global. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

David Rosenberg: Canada’s Housing Market Is In A ‘Huge Bubble’

Canada’s housing market is likely in bubble territory, following months of surging prices across some...

Friday, March 12, 2021, 11:48:00 AM

US New Home Sales in June Sharply Plummet to Lowest Since April 2020

If Fed Chair Jerome Powell is looking for yet another excuse to keep the money...

Monday, July 26, 2021, 05:41:00 PM

Rising Rates Globally Set To Hit Spain, Australia, Canada The Hardest

Many corners of the financial and investing world are grappling with challenges that were not...

Saturday, September 17, 2022, 09:00:00 AM

Struggling US Retailers Owe $52 Billion in Overdue Rent

The coronavirus pandemic has turned consumerism right on its head with its strict social distancing...

Thursday, November 26, 2020, 10:30:00 AM

Canada’s Housing Market Slumps From Record-High In April

Canada’s housing market receded from its record-high in April, as a resurgence in Covid-19 restrictions...

Monday, May 17, 2021, 03:17:00 PM