Home-price growth slowed in June as higher mortgage rates made homeownership less affordable.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 18% in the year that ended in June, down from a 19.9% annual rate the prior month.
The housing market has cooled in recent months, and existing-home sales have fallen for six straight months through July. Higher mortgage-interest rates are making it harder for buyers to qualify for loans and pushing some out of the market. The average rate on a 30-year fixed-rate mortgage was 5.55% in the week ended Aug. 25, up from 2.87% from a year earlier, according to housing-finance agency Freddie Mac.
