WASHINGTON: U.S. single-family home prices rose 2.6% in the year through July, according to the Federal Housing Finance Agency, while higher mortgage rates continue to affect affordability.

Reuters reported that prices increased 0.3% in July from June. The average 30-year fixed mortgage rate reached 7.03% last week, according to Freddie Mac.

Housing inventory has increased in some markets, but borrowing costs remain an important factor for buyers and sellers. Regional price changes varied across the country.

Source: Reuters, FHFA and Freddie Mac.

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Imran Siddiqui

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