US Home Prices Rise 3.4% in July as Wealthy Buyers Defy 6% Mortgage Rates
Updated
Updated · Mortgage Professional · Aug 18
US Home Prices Rise 3.4% in July as Wealthy Buyers Defy 6% Mortgage Rates
3 articles · Updated · Mortgage Professional · Aug 18
Summary
National home prices rose 0.27% in July from June, while annual growth accelerated to 3.4%—the fastest in a year—showing the market is leveling off rather than correcting.
Redfin said affluent buyers are sustaining demand despite mortgage rates in the mid-to-high 6% range, while ordinary buyers remain squeezed by affordability and a broader sales slump.
San Francisco led major metros with a 1.5% monthly gain and 13.3% annual jump, as AI-sector hiring and luxury demand also lifted Oakland and West Palm Beach.
Twenty of 49 metros still posted monthly declines, and Texas remained the weakest pocket: San Antonio fell 2.1% year over year, with Fort Worth, Dallas and Austin also down about 1%.
In those softer markets, sellers outnumber buyers roughly 2 to 1, forcing price cuts and giving buyers leverage even as national prices keep edging higher.