Sales and inventory may be down but home prices around the country remain on the up and up. And newly released data from the S&P CoreLogic Case-Shiller Index shows just how much the nation’s major metro areas were impacted earlier this Summer.
According to the S&P, the U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported 1 percent annual change in July, up from a 0 percent change in the previous month. The 10-City Composite showed an increase of 0.9 percent, which improves from a 0.5 percent decline in the previous month. The 20-City Composite posted a year-over-year increase of 0.1 percent, improving from a loss of 1.2 percent in the previous month.
In July 2023, 19 of the 20 major metro markets reported month-over-month price increases. Chicago, Cleveland, and 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 percent annual price increase, while Cleveland saw a 4 percent increase. New York held down the third spot with a 3.8 percent increase.
For July, 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. Some 18 out of the 20 cities show a positive trend in price acceleration compared to their prior month.
“U.S. home prices continued to rally in July 2023,”says Craig J. Lazzara, Managing Director at S&P DJI. “We have previously noted that home prices peaked in June 2022 and fell through January of 2023, declining by 5 percent in those seven months. The increase in prices that began in January has now erased the earlier decline, so that July represents a new all-time high for the National Composite. Moreover, this recovery in home prices is broadly based. As was the case last month, 10 of the 20 cities in our sample have reached all-time high levels. In July, prices rose in all 20 cities after seasonal adjustment (and in 19 of them before adjustment).”