S&P Cotality Case-Shiller Index Reports 1.9% Annual Gain in US Home Prices in July

On Tuesday, S&P Dow Jones Indices (S&P DJI) released the S&P Cotality Case-Shiller US National Home Price NSA Index, formerly known as the S&P CoreLogic Case-Shiller Indices. Year-over-year, the Index posted a 1.9% gain in July, up from a 1.6% gain in June.

S&P reported that US home values fell in real terms for the 14th consecutive month, as July’s 3.4% inflation rate was roughly 1.5 percentage points above the 1.9% annual home price gain.

The 10-City Composite rose 3.4% annually, compared with a 3.0% increase in June. The 20-City Composite advanced 2.5% year-over-year, up from a 2.2% rise the prior month.

Among the 20 cities, Chicago recorded the largest annual increase for the fifth consecutive month at 6.9%, followed by New York at 5.8% and Cleveland at 4.2%. Seattle registered the weakest return with a 1.6% decline.

Before seasonal adjustment, the US National Index rose 0.12% month-over-month. The 10-City Composite rose 0.03%, while the 20-City Composite fell 0.01%.

After seasonal adjustment, the National Index rose 0.3% month-over-month, while the 10-City Composite increased 0.4% and the 20-City Composite advanced 0.3%.