Don't expect home prices to come crashing down anytime soon

By Nicole Goodkind, CNN Business

Updated 8:12 AM ET, Wed August 31, 2022

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?

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