Welcome to the "best economy ever," folks, where home prices are once again at an all-time high, nobody can afford to buy one, and mortgage rates continue to hover around 6.5%.
Yup, not a good look for an already struggling housing market.
Here's what the new housing numbers look like:
Home prices hit a new record in June amid an ongoing housing shortage, even as high mortgage rates continued to push affordability out of reach for millions of Americans.
Prices increased 5.4% nationally in June when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday, down from the 5.9% pace recorded the previous month.
On a monthly basis, prices climbed 0.2%, according to the index …
The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 7.4% annually, compared with an increase of 7.8% in May.
The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 6.5%, a decrease from the 6.9% figure recorded the previous month.
Prices rose in all the 20 major metro markets tracked by the index.
The largest price gain took place in New York, which recorded a year-over-year increase of 9%.
It was followed by San Diego and Las Vegas, with respective gains of 8.7% and 8.5%.
These numbers are a tad behind, being from June, but experts say even with falling mortgage rates over the past month it still "has not been enough to bring buyers back into the market."
Experts like Bright MLS chief economist Lisa Sturtevant also tell us these rising home prices are "making this the most unaffordable housing market in history," leaving "first-time and moderate-income home buyers, in particular, increasingly … left out of the housing market."
Personally, I believe the only thing that's going to fix this housing market is a lowering of rates, which will only begin following a future rate cut from the Fed. Many of us are locked into sub-3% rates, and have no reason to leave those rates behind. In essence, we're simply not going to sell our houses and finance a new one at double the rate.
Some good news to send you off: It is a well-known fact that when Kamala Harris gets into the White House in January she's going to fix all of this.
Oh wait…
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