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 5.0% in the year that ended in July.
- The 20-City Composite posted a year-over-year increase of 5.9, down from a 6.5% increase in the previous month.
- The 10-City Composite showed an increase of 76.8%, down from a 7.4% increase in the previous month.
- New York again reported the highest annual gain among the 20 cities with an 8.8% increase in July, followed by Las Vegas and Los Angeles with annual increases of 8.2% and 7.2%, respectively.
- Portland held the lowest rank for the smallest year-over-year growth, notching the same 0.8% annual increase in July as last month.
- “Accounting for seasonality of home purchases, we have witnessed 14 consecutive record highs in our National Index,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets.