US Home Price Gains Continued to Decelerate in June 2022
S&P CORELOGIC CASE-SHILLER INDEX DECELERATED IN JUNE
On Tuesday (8-30-22), S&P CoreLogic Case-Shiller released its US National Home Price NSA Index for June. The Index, which covers all nine US Census divisions, reported that home prices experienced a 18.0% annual gain in June, down from 19.1% in May and down from a 20.6% annual gain in April. This is the third consecutive month of home price deceleration.
The 10-City Composite annual increase came in at 17.4% in June, down from 19.1% in May. The 20-City Composite posted an 18.6% year-over-year gain, down from 20.5% in the previous month.
The highest year-over-year gain among the top 20-cities in June was Tampa at 35.0%, followed by Miami with a 33.0% increase and Dallas with a 28.2% increase. Only one of the 20 cities reported higher price increases in the year ending June 2022 versus the year ending May 2022.
Before seasonal adjustment, the US National Index posted a 0.6% month-over-month increase in June, while the 10-City and 20-City Composites both posted increases of 0.4%. After seasonal adjustment, the US National Index posted a month-over-month increase of 0.3%, and the 10-City and 20-City Composites posted increases of 0.3% and 0.4%, respectively. In June, 13 cities reported increases before and after seasonal adjustments.
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