Key facts
- US home prices increased 1.9% year-over-year in July, up from 1.6% in June.
- The S&P Cotality Case-Shiller 20-City Composite Index rose 2.5% year-over-year in July.
- Chicago saw the largest annual price increase at 6.9% in July.
- Seattle experienced the largest annual price decline at 1.6% in July.
- Real home prices declined for the 14th consecutive month.
- Consumer prices increased 3.4% year-over-year in July, driven by energy costs.
US home prices saw a year-over-year increase of 1.9% in July, accelerating from the 1.6% gain recorded in June, according to the latest S&P Cotality Case-Shiller data. The 10-City Composite Index also showed an uptick, rising 3.4% annually, while the 20-City Composite increased by 2.5%.
Chicago led the metropolitan areas with a 6.9% annual price increase, followed by New York with 5.8% and Cleveland with 4.2%. In contrast, Seattle experienced its second consecutive month of decline, falling 1.6%, with Las Vegas and Denver also recording decreases.
The data highlighted a divergence between Eastern and Western markets, with more Eastern markets showing larger year-over-year changes in July compared to June. Despite the nominal price increases, real home prices have declined for 14 consecutive months. Energy-driven inflation, with gasoline prices up 24.6% and overall energy prices up 14.7% in July, contributed to concerns about housing affordability. Core inflation, excluding food and energy, rose at a slower pace of 2.5% year-over-year.
Data for Detroit remains delayed due to issues with Wayne County records.