HOME PRICES SEE FIRST MONTHLY DECLINE IN YEARS

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Key Points:

  • The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 15.8% in the year that ended in July, down from 18.1% in the previous month.
  • However, the the Index fell 0.3% in July from June, the first month-over-month decline since January 2019.
  • The 20-City Composite posted a 16.1% year-over-year gain, down from 18.7% in the previous month.
  • The 10-City Composite posted a 14.9% year-over-year gain, down from 17.4% in the previous month.
  • Tampa reported the highest gains among the 20 cities in June with a 31.8% year-over-year price increase, followed by Miami with a 31.7% increase, and Dallas with a 24.7% increase.
  • All 20 cities reported lower price increases in the year ending July 2022 versus the year ending June 2022.
  • The Right Facts will continue to monitor home prices.
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