Two new data reports have affirmed the continuation of year-over-year home price acceleration.
The S&P Cotality Case-Shiller US National Home Price NSA Index reported a 1.5% annual gain in June, up from a 1.2% rise in the previous month. The 10-City Composite recorded an annual increase of 2.9%, up from a 2.4% increase in the previous month, while the 20-City Composite posted a year-over-year increase of 2.1%, up from a 1.6% rise in the previous month.
The pre-seasonally adjusted US National and 20-City Composite Indices each recorded monthly gains of 0.4%, while the 10-City Composite Index posted a 0.5% gain. After the seasonal adjustment, the US National, 10-City, and 20-City Composite Indices posted 0.1%, 0.3%, and 0.2% gains, respectively.
Chicago, New York and Cleveland experienced the highest gains with year-over-year price increases of 6.9%, 4.8% and 4.1%, respectively. Seattle posted the lowest return in June, falling -2.0% from one year before.
Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices, observed, “The housing market remains under pressure, with 30-year mortgage rates holding near 6.5% in June. As financing costs are kept high for prospective buyers, current homeowners remain reluctant to give up the low mortgage rates secured in prior years.”
Separately, the Federal Housing Finance Agency’s House Price Index recorded a 2.1% year-over-year gain in the second quarter, while prices were up 0.3% quarter-over-quarter. Nationally, the housing market has experienced positive annual appreciation each quarter since the start of 2012.
Second quarter house prices rose in 46 states and the District of Columbia from one year before. The five states with the highest annual appreciation were Alaska (8.3%), Vermont (7.3%), Hawaii (5.8%), Illinois (5.6%), and West Virginia (5.6%). House prices were down in four states, most notably in New Mexico with a 1.2% decline.
All nine census divisions had positive house price changes year-over-year. The East North Central division recorded the strongest appreciation, posting a 4.5% increase from the second quarter of 2025 to the second quarter of this year. The Pacific division recorded the slowest appreciation slightly above 0%.
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