Home price gains continued to accelerate in July, rising 4.8 percent year-over-year after rising 4.3 percent year-over-year in June, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
Phoenix, Seattle and Charlotte led the way with the biggest annual price gains, while 16 of 19 cities tracked by the index saw greater annual increases than the previous month.
“In previous months, we’ve noted that a trend of accelerating increases in the National Composite Index began in August 2019,” Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said in a statement. “That trend was interrupted in May and June, as price gains decelerated modestly, but now may have resumed.”
“Obviously more data will be required before we can say with confidence that any COVID-related deceleration is behind us,” Lazzara added.
Regionally, Phoenix saw a 9.2 percent price increase in July, the 14th straight month in which prices in the Arizona metro rose more than in any other city. Seattle experienced a 7 percent increase, while Charlotte saw a 6 percent increase.
The worst performing cities even saw increases, with Chicago tallying an 0.8 percent increase and New York a 1.3 percent increase.
The S&P/Case-Shiller U.S. National Home Price Index is “a composite of single-family home price indices that is calculated every month; the indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question.”