Case-Shiller Index Shows U.S. Home Price Gains Continuing to Slow
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 15.8% annual gain in July, down from 18.1% in the previous month, S&P Dow Jones Indices said Tuesday. The 10-City Composite annual increase came in at 14.9%, down from 17.4% in June, while the 20-City Composite posted a 16.1% year-over-year gain, down from 18.7% previously.
“Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” says Craig J. Lazzara, managing director at S&P DJI. Referring to the NSA Index, he added, “The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index.”
Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in July. However, all 20 cities reported lower price increases in the year ending July 2022 versus the year ending June 2022.
- ◦Economy