US home prices hit a record high in July, highlighting the affordability challenges buyers face despite a downward trend in mortgage rates .

The S&P Case-Shiller National Home Price Index rose 0.2% over the prior month in July on a seasonally adjusted basis, unchanged from June’s monthly increase. This marked the sixth consecutive monthly increase and an all-time high for the index.

On an annual basis, prices increased 5%, down from the 5.5% gain seen in June.