US home prices rise 0.2% in July, the smallest month-on-month increase since January 2023

On Tuesday, Redfin reported that according to the latest data from the Redfin Home Price Index (RHPI), U.S. home prices +0.2% for the second consecutive month in July, seasonally adjusted. According to Redfin, July's increase represents the smallest monthly increase since January 2023.

Year-over-year, home prices rose 6.8 percent in July – down from 7.3 percent in June and the lowest annual increase since January.

Redfin explains that the RHPI uses the repeat sales pricing method to calculate seasonally adjusted price changes in single-family homes. The RHPI measures the sales prices of homes sold during a specific time period and how those prices have changed since the last time the same homes were sold.

Commenting on the findings of the RHPI report, Sheharyar Bokhari, senior economist at Redfin, said:

“There aren't enough sellers listing their homes to cause prices to drop, and there aren't enough buyers to create competition that drives prices up significantly. Relatively low sales and gradual price increases each month will remain the status quo until one of those things changes.”

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