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 5.4% in the year that ended in June.
- The 20-City Composite posted a year-over-year increase of 6.5%, down from a 6.9% increase in the previous month.
- The 10-City Composite showed an increase of 7.4%, down from a 7.8% increase in the previous month.
- New York reported the highest annual gain among the 20 cities with a 9.0% increase in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively.
- Portland once again held the lowest rank for the smallest year-over-year growth, notching a 0.8% annual increase in June.
- “The S&P CoreLogic Case-Shiller Indices continue to show above-trend real price performance when accounting for inflation,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. “Home prices and inflation continue to factor into the political agenda coming into the election season. While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging 2.8% more than the Consumer Price Index.”