U.S. Home Prices Edge Down 0.1% in June, Falling in Most Major Metros

• U.S. home prices were down slightly in June for the third consecutive month. Prices rose 3.4% year over year, the slowest rate since June 2023.
• 30 of the 50 most populous U.S. metros recorded a drop in home prices month over month. 
• Prices fell most in Washington, D.C. (-1.8%), where home prices have been falling by at least 1.5% for three straight months amid federal government job cuts. 

U.S. home prices ticked down 0.1% in June from a month earlier—the third consecutive month that prices were slightly down on a seasonally adjusted basis. On a year-over-year basis, home prices rose 3.4% , the lowest rate since June 2023.

This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices…