Home prices are still gaining nationally, but not nearly as much as they have been over the past few years.
The S&P CoreLogic Case-Shiller national home price index indicates prices in June rose 3.1% annually, down from 3.3% annual gain in May.
The 10-City Composite annual increase came in at 1.8%, down from 2.2% in May. The 20-City Composite rose 2.1% annually, down from 2.4% in the previous month.
The index also revealed that Phoenix, Las Vegas and Tampa reported the highest annual gains among the 20 cities. In June, Phoenix saw a 5.8% annual price increase, followed by Las Vegas with a 5.5% increase, and Tampa with a 4.7% increase. Six of the 20 cities reported greater price increases in the year ending June 2019 versus the year ending May 2019. Seattle was the only city to show prices down (1.3%) compared with June 2018.
And the consensus is that home prices will likely get a boost from the significant, continuing drop in mortgage rates that began in the spring. The average rate on the 30-year fixed mortgage is now a full percentage point lower than it was at this time a year ago. Lower mortgage rates give consumers more buying power and tend to push home prices higher.
