US 20-City Home Prices Rise 1.6% in May as 6.5% Mortgages Chill Buyers
Updated
Updated · Yahoo Finance · Jul 28
US 20-City Home Prices Rise 1.6% in May as 6.5% Mortgages Chill Buyers
3 articles · Updated · Yahoo Finance · Jul 28
Summary
The S&P Case-Shiller 20-city index rose 1.6% from a year earlier in May, while the national measure gained 1.1%, extending a pace that still lagged 4.2% inflation.
Mortgage rates around 6.5% and higher oil-driven inflation during the Iran war hit affordability in the spring selling season, keeping many buyers on the sidelines.
Chicago led major metros with a 6.9% annual gain, followed by New York at 4.2% and Cleveland at 3.1%, showing continued strength in parts of the Midwest and Northeast.
Las Vegas posted the sharpest annual drop at 1.9%, with Seattle down 1.8%, underscoring a split market in which much of the Southeast and West is flat or falling.