The S&P CoreLogic Case-Shiller Indices recorded yet another new all-time high in July for home prices, albeit with a decelerating trend.
The S&P CoreLogic Case-Shiller US National Home Price NSA Index reported a 5.0% annual gain for July, down from a 5.5% annual gain in the previous month. The 10-City Composite saw an annual increase of 6.8%, down from a 7.4% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 5.9%, dropping from a 6.5% increase in the previous month.
The US National Index, the 20-City Composite, and the 10-City Composite upward trends continued to decelerate month-over-month, with pre-seasonality adjustment increases of 0.1% for the national index while the 20-City and 10-City Composites remained unchanged on the month. After the seasonal adjustment, the US National Index posted a month-over-month increase of 0.2%, while both the 20-City and 10-City Composite reported a monthly rise of 0.3%.
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, inching up by the same 0.8% annual increase in July as in June.
“Accounting for seasonality of home purchases, we have witnessed 14 consecutive record highs in our National Index,” says Brian D. Luke, head of commodities, real and digital assets. “While the S&P 500 has achieved 39 record highs and the S&P GSCI Gold TR hit 35 record highs, housing is following a similar trajectory. The growth has come at a cost, with all but two markets decelerating last month, eight markets seeing monthly declines, and the slowest annual growth nationally in 2024. Overall, the indices continue to grow at a rate that exceeds long-run averages after accounting for inflation.”
Luke added, “Regionally, the Northeast remains the best performing market, with New York the top performer for three months running, followed by the Midwest region. All markets in the Northeast and Midwest recorded an all-time high. The South reported the slowest gains regionally but includes five of the seven best performing markets since 2020.”
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