Home prices rose 4.3% yearly in June, unchanged from the achievement seen in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
In the spring, the COVID crisis was a heavy burden on the U.S. economy. So far, the price development on the American real estate market has been stable despite the pandemic.
In the U.S. real estate market, the price trend has increased somewhat. In June, house prices in the country’s 20 major metropolitan areas rose 3.46 percent year-on-year, from 3.61 percent in the previous month, according to the S&P/Case-Shiller index released in New York on Tuesday.
“More data will be required to understand whether the market resumes its previous path of accelerating prices, continues to decelerate, or remains stable,” stated Craig Lazzara, managing director at S&P Dow Jones Indices. “That said, it’s important to bear in mind that deceleration is quite different from an environment in which prices actually fall.”
Fierce competition among customers has resulted in house prices increament for a small number of houses in the housing market. According to the National Association of Realtors, inventory levels fell 21% annually in late July. With the current overall sales cycle, Unsold inventory is now at a 3.1-month supply at the current sales pace, down from 3.9 months in June and from a 4.2-month supply in July 2019.
At the same time, due to the COVID pandemic, total residential property sales fell in March and April and have since recovered. However, the current home sales rose more than 20% monthly in June and continued to increase in July after an annual increase of nearly 9%.