Nationwide home price gains decelerated in July. But home prices remained high, according to the latest S&P CoreLogic Case-Shiller Indices.
- 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% month-over-month.
- The 10-City Composite annual increase came in at 14.9%, down from 17.4% month-over-month.
- The 20-City Composite showed a 16.1% year-over-year gain, down from 18.7% in the previous month.
Of the 20 cities included in the index, Tampa, Miami, and Dallas had the highest year-over-year gains.
- Tampa had a 31.8% year-over-year price increase
- Miami had a 31.7% increase
- Dallas had a 24.7% increase
All 20 cities reported lower price increases in the year ending July 2022 versus the year ending June 2022, according to the index.
“As the Federal Reserve continues to move interest rates upward, mortgage financing has become more expensive, a process that continues to this day,” said Craig J. Lazzara, managing director at S&P DJI. “Given the prospects for a more challenging macroeconomic environment, home prices may well continue to decelerate.”