Gains in US Home Prices Slowed Further in July, S&P Corelogic Case-Shiller Index Shows
S&P CORELOGIC CASE-SHILLER INDEX CONTINUED ITS DECELERATION IN JULY
On Tuesday (9-27-22), the S&P CoreLogic Case-Shiller US National Home Price NSA Index was released for July. The Index, which covers all nine US Census divisions, reported that home prices experienced a 15.8% annual gain in July, down from 18.1% reported in June. This is the fourth consecutive monthly decline in home prices.
The 10-City Composite annual increase came in at 14.9% in July, down from 17.4% in June. The 20-City Composite posted an 16.1% year-over-year gain, down from 18.7% in the previous month.
The highest year-over-year gain among the top 20-cities in July was Tampa at 31.8%, followed by Miami with a 31.7% increase and Dallas with a 24.7% increase. All 20 cities reported higher price increases in the year ending July 2022 versus the year ending June 2022.
Before seasonal adjustment, the US National Index posted a 0.3% month-over-month decrease in July, while both the 10-City and 20-City Composites posted a decrease of 0.8%. After seasonal adjustment, the US National Index posted a month-over-month decline of 0.2%, and the 10-City and 20-City Composites posted decreases of 0.5% and 0.4%, respectively. In July, only 7 cities reported increases before and after seasonal adjustments.
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