June Case-Shiller results show strong housing market despite COVID-19

Mortgage rates and for-sale inventory have each sank low, increasing competition for homes now on the market, the national home price index showing a rise of 4.4% year-over-year in June.

Despite a rough hit on the rest of the U.S. economy, the Case-Shiller numbers for June show the housing market is holding on strong during COVID-19.

Home prices continued to rise in June, the Case-Shiller Home Price Index showing a rise of 4.4% year-over-year, down from 4.5% in May.

The smaller 10- and 20-city composite indices grew more slowly, at 2.8% and 3.5% year-over-year, respectively, reports Zillow. For June, the annual rate of growth was lower than in May nationally for 10-city and 20-city indices.

Mortgage rates and for-sale inventory each sank to new lows, new lows, increasing competition for homes now on the market, although few remain.

The depletion of homes on the market has created increased pressure on home prices as it has over the last few months.

Low housing market rates now are expected to continue to send prices higher.

In July, Case-Shiller reports that annual growth is expected to speed up slightly in the 10- and 20-city indices and stay steady in the national index.