US home prices continued to rise in July, hitting a new record high and marking the sixth successive month of gains, as historically low inventory pushes up the cost of a home.
Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday.
Compared to a year ago, the national composite index also rose, with prices up 1% from July 2022, the prior peak, according to Case-Shiller data. It was followed by home prices that fell through January of this year, declining by 5% over those seven months.
“The increase in prices that began in January has now erased the earlier decline, so that July represents a new all-time high for the National Composite [index],” said Craig Lazzara, managing director at S&P Dow Jones Indices, in a statement.
What’s more, he added, the recovery in home prices is broadly based. As was the case last month, 10 of the 20 cities in the sample have reached all-time high levels. In July, prices rose in all 20 cities after seasonal adjustment, CNN reports.