Home prices held steady from a year earlier in June as high mortgage rates kept both buyers and sellers on the sidelines. On a month-over-month basis, the index rose a seasonally adjusted 0.7% in June, the fifth straight monthly increase. Mortgage rates surged last year, making home purchases less affordable and pushing many buyers out of the market. “While home prices fell year-over-year in June, prices may have turned a corner," said Lisa Sturtevant, chief economist at Bright MLS. The weakest market was San Francisco, where prices fell 9.7% on an annual basis.

Source: Wall Street Journal August 29, 2023 16:05 UTC