Key facts
- National home prices rose 1.5% annually in June, up from 1.2% in May.
- U.S. home values fell in real terms for the 13th consecutive month due to inflation exceeding price growth.
- The 10-city and 20-city composite indexes also showed accelerated annual home price growth.
- HousingWire Data shows a year-over-year decrease in median list prices for the week ending August 22, 2026.
- High mortgage rates are keeping current homeowners reluctant to sell.
Home price growth in the U.S. accelerated in June, with the national S&P Cotality Case-Shiller Index rising 1.5% year-over-year, an increase from May's 1.2% gain. However, when adjusted for inflation, which stood at 3.5% in June, home values have continued to decline in real terms for the thirteenth consecutive month.
On a month-over-month basis, the national index saw a 0.4% increase. Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices, noted that while prices are still falling in real terms, lower inflation and firmer nominal growth slowed the pace of this erosion.
More current data from HousingWire indicates a softening in home price appreciation for the week ending August 22, 2026. The median list price was $442,500, down 1.6% from a year ago and 1.5% from the previous month. Notable annual median list price growth was observed in Ocean City, New Jersey (+29.4%), Grand Forks, North Dakota-Minnesota (+27.5%), and Pine Bluff, Arkansas (+20.9%).
The 10-city and 20-city composite indexes also reported faster annual home price growth in June, with increases of 2.9% and 2.1% respectively, up from 2.4% and 1.6% in May. Monthly gains were 0.5% for the 10-city index and 0.4% for the 20-city index. Chicago led the 20 cities with a 6.9% annual price increase, followed by New York (4.8%) and Cleveland (4.1%). Seattle experienced the largest price decline at 2.0%, followed by Los Angeles (-1.9%) and Denver (-1.24%).
Kaufman attributed the geographic divide to a trend where Northeastern and Midwestern markets are strengthening, while Western and Sunbelt markets are softening. She anticipates further moderation in price appreciation and market activity as the market moves into the fall, typically a cooler period after the peak homebuying season. High financing costs, with 30-year mortgage rates near 6.5% in June, are also contributing to homeowners' reluctance to sell.