Home Prices Rose 1.0% in July, Says Case-Shiller
New York, NY, September 26, 2023-Home price made a 1.0% annual change in July, up from a 0% change 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 an increase of 0.9%, which improves from a -0.5% loss in the previous month. The 20-City Composite posted a year-over-year increase of 0.1%, improving from a loss of -1.2% in the previous month.
Chicago, Illinois; Cleveland, Ohio; and New York, New York led the way for the third consecutive month reporting the highest year-over-year gains among the 20 cities in July. Chicago remained in the top spot with a 4.4% year- over-year price increase, with Cleveland in at number two with a 4.0% increase, and New York held down the third spot with a 3.8% increase. For this month, 8 of 20 cities reported lower prices and 12 of 20 reported higher prices in the year ending July 2023 versus the year ending June 2023. 18 out of the 20 cities, show a positive trend in price acceleration compared to their prior month.
Before seasonal adjustment, the U.S. National Index, Ten-City and 20-City Composites, all posted a 0.6% month-over-month increase in July.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.6%, while the Ten-City posted a 0.8% increase and 20-City Composite a 0.9% increase.