July marked four straight months of record-breaking increases for housing prices nationwide, according to the latest housing market data.
"Home prices continued their meteoric rise in July, increasing at a record 19.7% annually, as a greater supply of houses for sale drew eager buyers willing to pay top dollar," reports Tim Smart for the U.S. News and World Report, citing data from the S&P Corelogic Case-Shiller index released this week.
The new figures continue a record-setting trend. "July's increase followed an 18.7% increase in June, marking the fourth consecutive month of record price appreciation," adds Smart.
Prices are rising faster in some places than others. According to the data, prices are rising fastest in Phoenix, San Diego, and Seattle, "with gains of 32.4%, 27.8% and 25.5%, respectively." Prices seem to be rising almost everywhere, however: "Seventeen of the 20 cities surveyed saw higher price increases in the year ending July 2021 versus the year ending June 2021," writes Smart.
The article includes a soundbite from an expert who predicts the market should soon mellow into more typical seasonal patterns.
The rising cost of homeownership is mirrored in recent months by the rising cost of rent, leaving little room for opportunity in the housing market for anyone at low- and middle-income ranges in either market.
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