A fifth consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index suggests the housing market recovery that began earlier this year is likely to continue. 

Two weeks after housing inventory turned negative, home prices posted a healthy increase, MarketNsight said. 

Port St. Lucie ranked as the No. 9 real estate market in the country.

High mortgage rates and limited inventory continued to weigh on sales activity, National Association of REALTORS®Chief Economist Lawrence Yun said. 

Chicago-based real estate developer Focus is expanding to the Florida real estate market with two luxury developments in the Miami area.

Chicago-based brokerage Fulton Grace Realty is expanding into Arizona with its first franchise partner.

The industry group issued its housing-market forecast along with its monthly Pending Home Sales Index for June. 

National Association of REALTORS® Chief Economist Lawrence Yun took issue with the increase, saying the central bank has created “a rare and very tight monetary policy condition.” 

Year over year, housing inventory turned negative for the first time in 13 months in June, the real estate data provider said. 

The median existing-home price for all housing types in June rose to $410,200, 0.9% less than the all-time high of $413,800 reached in June 2022, the National Association of REALTORS® said. 

Low inventory and high demand are buoying builder sentiment in the face of several headwinds. 

The drop in the pace of new-home construction follows a significant surge the month before, according to government statistics. 

Despite the declining rate of increase, home prices have risen for the last 136 months, CoreLogic said. 

It’s been a groundbreaking time for new home construction — literally. The annual rate of new construction surged to 1.631 million units in May: the biggest leap in 33 years.

Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said. 

A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market.