US Home Prices Increase 0.2% in July, The Smallest Month-Over-Month Increase Since January 2023

On Tuesday, Redfin reported that according to its latest Redfin Home Price Index (RHPI) data, US home prices ticked up 0.2% for the second consecutive month in July, on a seasonally adjusted basis. Redfin says the July uptick is equal to the smallest month-over-month increase since January 2023.

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

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

Commenting on the results of the RHPI report, Redfin Senior Economist Sheharyar Bokhari said:

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