The latest report from the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index revealed a 1% annual change in home prices for July 2023. The 10-City Composite saw a 0.9% increase, while the 20-City Composite had a 0.1% increase compared to the previous year. Additionally, 19 out of the 20 major metropolitan markets reported month-over-month price increases.
According to Craig J. Lazzara, Managing Director at S&P DJI, there has been a recovery in home prices after a decline from June 2022 to January 2023, which saw a 5% decrease. The increase in prices since January has now surpassed the earlier decline, resulting in a new all-time high for the National Composite. Lazzara also noted that this recovery in home prices is widespread across different regions.
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