In July, home prices increased 4.8 percent YoY, up from 4.3 percent in the previous month, according to the most recent S&P CoreLogic/Case-Shiller Indices. Year-over-year, the 10-City Composite increased 3.3 percent, up from 2.8 percent in the previous month. The 20-City Composite increased 3.9 percent YoY, up from the previous month’s 3.5 percent gain.
The following cities experienced the highest YoY gains: Phoenix (9.0 percent), Seattle (7.0 percent) and Charlotte (6.0 percent)
The complete data for the 20 markets measured by S&P:
Las Vegas, Nev.
Los Angeles, Calif.
New York, N.Y.
San Diego, Calif.
San Francisco, Calif.
What the Industry Is Saying:
“Housing prices rose in July,” said Craig J. Lazzara, managing director and global head of Index Investment Strategy at S&P Dow Jones Indices. “The National Composite Index gained 4.8 percent relative to its level a year ago, slightly ahead of June’s 4.3 percent increase. The 10- and 20-City Composites (up 3.3 percent and 3.9 percent, respectively) also rose at an accelerating pace in July compared to June. The strength of the housing market was consistent nationally—all 19 cities for which we have July data rose, with 16 of them outpacing their June gains.
In previous months, we’ve noted that a trend of accelerating increases in the National Composite Index began in August 2019. That trend was interrupted in May and June, as price gains decelerated modestly, but now may have resumed. Obviously, more data will be required before we can say with confidence that any COVID-related deceleration is behind us.”
“Phoenix’s 9.2 percent increase topped the league table for July; this is the 14th consecutive month in which Phoenix home prices rose more than those of any other city. Seattle (7.0 percent), Charlotte (6.0 percent) and Tampa (5.9 percent) continue to occupy the next three places, but there was some growth even in the worst performing cities, Chicago (0.8 percent) and New York (1.3 percent),” added Lazarra. “Prices were particularly strong in the Southeast and West regions, and comparatively weak in the Midwest and Northeast.”