After five months of year-over-year declines, U.S. home prices soared once again in July.
According to the National Association of Realtors, the median house price rose to $406,700 in July, a year-over-year increase of 1.9%.
Prices reportedly stayed steady in the Midwest while increasing in the Northeast, Midwest and South.
The NAR pointed to climbing mortgage rates and low available inventory as reasons for rising home prices.
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