By Moira Ritter
CoStar News
Summary: U.S. house prices hit a record high in June 2024, marking the fourth consecutive month of increases, with the S&P CoreLogic Case-Shiller Index showing a 5.4% annual rise. Despite the historical peak, the growth in home prices has slowed for the third consecutive month, as seen in both national and metropolitan indices. Economists suggest that while inflation and housing have decelerated, home prices remain significantly above historical norms. The Federal Housing Finance Agency’s data also indicates a slowdown in house price growth, likely influenced by increasing housing inventory and high mortgage rates. The effects of recent interest rate cuts by the Federal Reserve may be reflected in future reports.