Notably, the city of Chicago has consistently shown the most significant gains for the fourth consecutive month.
The S&P CoreLogic 20-city house price index demonstrates a +1% rise in August compared to the previous month, while the national index exhibits a +0.9% monthly increase and a +2.6% year-over-year rise.
In terms of specific cities, New York saw notable year-over-year increases of +5% in terms of home prices.
With homeowners not keen on selling their homes, the U.S. housing market will continue to face a shortage of homes for sale, and so, see home prices rise. Interested buyers continue to converge on limited inventory.
Until supply catches up, we’re not likely to see a decrease in home prices.
