Home Prices Flat in June After Dipping 0.4% in May, Says Case-Shiller
New York, NY, August 29, 2023-Home prices made a 0.0% annual change in June, up from a loss of -0.4% in the previous month, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions.
The Ten-City Composite showed a decrease of -0.5%, which is an improvement on the -1.1% decrease in the previous month. The 20-City Composite posted a year-over-year loss of -1.2%, up from -1.7% in the previous month.
Chicago, Illinois; Cleveland, Ohio; and New York again led the way reporting the highest year-over-year gains among the 20 cities in June. Chicago remained in the top spot with a 4.2% year-over-year price increase, with Cleveland in at number two with a 4.1% increase, and New York held down the third spot with a 3.4% increase. There again was an even split of 10 cities reporting lower prices and those reporting higher prices in the year ending June 2023 versus the year ending May 2023; 13 cities showed price acceleration relative to the previous month.
Before seasonal adjustment, the U.S. National Index posted a 0.9% month-over-month increase in June, while the Ten-City and 20-City Composites also posted like increases of 0.9%.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.7%, while the Ten-City and 20-City Composites both posted increases of 0.9%.