New York (CNN Business)Rising mortgage rates are taking a toll on the US housing market. But those hoping for prices to drop probably won’t catch a break anytime soon.
What’s happening: Home prices were up 18% in June compared to a year ago, with Tampa, Miami and Dallas reporting the highest annual gains, according to the S&P CoreLogic Case-Shiller Indices.
That was a slower pace than in May, when they rose 19.9% annually. But the bottom line is that prices are still going up a lot, even as home sales have declined from their peaks.
So are we in a housing bubble?
Economists at the Federal Reserve Bank of Dallas examined this very question earlier this year, noting in a blog post that home prices were rising faster than market forces would indicate they should, and were becoming “unhinged from fundamentals.”
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