S&P CoreLogic Case-Shiller Home Price Index: Housing prices have set new all-time highs once again. In July, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index recorded a 5.0% annual gain, down from 5.5% in June. Similarly, the 10-City Composite saw an annual increase of 6.8% in July, a decrease from 7.4% the previous month, while the 20-City Composite rose 5.9% year-over-year, down from 6.5% in June. Among the 20 cities, New York again posted the highest annual gain at 8.8%, followed by Las Vegas at 8.2% and Los Angeles at 7.2%. Portland, Oregon, had the lowest annual increase at 0.8%, the same increase as the previous month.
On a month-over-month basis, the U.S. National Index increased 0.1% before seasonal adjustment and 0.2% after adjustment. The 20-City and 10-City Composites remained unchanged pre-adjustment, while both posted a 0.3% increase post-adjustment.
Despite the slowdown, home prices are still rising faster than inflation. There have been 14 consecutive record highs in the National Index after accounting for seasonality of home purchases. The growth has come at a cost, with all but two markets decelerating in July, eight markets seeing monthly declines and the slowest annual growth nationally in 2024.
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