The rise of US house prices broke another record in June as buyers competed for a limited inventory of homes.
The S&P CoreLogic Case-Shiller national home price index rose 18.6 per cent from June 2020. That was the biggest year-on-year price growth in more than 30 years of data, and the third consecutive month of record gains.
The US housing market took off last year as Americans borrowed at low mortgage rates to purchase roomier, suburban dwellings while working remotely during the pandemic. The strong demand, coupled with tight inventory, rising lumber costs and labour and material shortages, combined to push home prices to new highs.
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