Nationally, home prices rose nearly 5 percent during the first half of 2023, according to new numbers from the S&P Case-Shiller Home Price Index. That's a far smaller increase than has been seen over the past few years but is still faster than the historical median full-year increase. In other words, home prices are still rising, not as fast as they were in 2021, but faster than typical.
Craig J. Lazzara, managing director at S&P, says the outlook is optimistic. “With 2023 half over, the National Composite has risen 4.7 percent, which is slightly above the median full calendar year increase in more than 35 years of data,” Lazzara said. “We recognize that the market's gains could be truncated by increases in mortgage rates or by general economic weakness, but the breadth and strength of this month's report are consistent with an optimistic view of future results.” S&P's price index is considered among the leading measures of U.S. home prices and has been tracking home values for more than 35 years.
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