The first read on home prices in June is proving just how resilient the housing market has been in the face of an ongoing economic disaster. Strong demand for housing, much of it pushed by the coronavirus pandemic itself, is driving prices higher faster, but forecasters say that may not last.
Nationally, home prices increased by 4.9% annually in June, a much greater gain than the 4.1% annual rise in May, according to CoreLogic. Prices climbed 1% month to month, which is the fastest monthly gain for June since 2013.
Prices got a boost from record low mortgage rates, which give buyers more purchasing power. The average rate on the popular 30-year fixed mortgage jumped up to 3.24% at the…