US house price growth narrowed for the fifth consecutive month in June, with a year-on-year increase of only 1.9%, hitting a new low since 2023.

In June, the increase in housing prices in the United States narrowed for the fifth consecutive month, with the national housing price index rising 1.9% year-on-year, marking the slowest growth since the summer of 2023, further decelerating from 2.3% in May. This data confirms the weakest spring home buying season the US has experienced in 13 years - high prices and continued suppression of demand due to mortgage rates have forced sellers in many areas to attract buyers through discounts and incentives. Nicholas Godeck, head of commodities at S&P Dow Jones Indices, pointed out that the June data "signals a decisive turning point in the real estate market." Despite the seemingly moderate 1.9% annual growth rate, prices had declined in the first half of the year, and the recent rebound of 2.5% in the past six months has offset the previous decline, suggesting that early 2025 may be a turning point for the market. Godeck stated that New York led the 20-city index with a 7% year-on-year increase, followed closely by Chicago (6.1%) and Cleveland (4.5%); while prices in popular cities during the pandemic such as Phoenix, Tampa, and Dallas continued to be under pressure, with Tampa leading the decline by 2.4% year-on-year. It can be seen that in areas where there is an oversupply of housing, sellers have had to attract buyers through discounts and incentives, which has to some extent slowed down the national housing price growth. However, competition remains fierce in hotspots like New York.