Key facts
- Home prices rose 2.1% year-over-year in August, below the 3.4% inflation rate.
- Adjusted for inflation, home prices have been mostly flat since 2022.
- Sales turnover remains at lows last seen during the Great Recession.
- The 10-city composite index rose 3.6% year-over-year in August.
- The 20-city composite index rose 2.7% year-over-year in August.
- Chicago led metros with a 6.7% annual price gain in August.
Home prices continued to lag inflation in August, with the S&P Cotality Case-Shiller Index showing a 2.1% year-over-year increase, while inflation stood at 3.4%. This marks a widening gap where inflation outpaced home price gains by 1.3 percentage points. Adjusted for inflation, home prices have remained largely stagnant since 2022, contributing to low sales turnover. Monthly home price appreciation nationwide declined 0.2% in August, below the pre-pandemic average, indicating persistent short-term weakness despite overall annual growth.