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 1.0% in the year that ended in July after a series of declines and a 0% reading in June.
- The 20-City Composite posted an increase of 0.1%, improving from a loss of -1.2% in the previous month.
- The 10-City Composite posted an increase of 0.9%, which improves from a -0.5% loss in the previous month.
- Chicago, Cleveland, and New York led the way for the third consecutive month reporting the highest year-over-year gains among the 20 cities in July.
- Chicago reported the highest gains among the 20 cities in July with a 4.4% year-over-year price increase, followed by Cleveland with a 4.0% increase, and New York with an 3.8% increase.
- Eight of 20 cities reported lower prices and 12 reported higher prices in the year ending July 2023 versus the year ending June 2023.
- The Right Facts will continue to monitor home prices.