House prices rose again in July
Home prices reached an all-time high in July.
Yahoo Finance’s Rebecca Chen reports:
The S&P Case-Shiller US National Home Price Index increased 0.6% month over month on a seasonally adjusted basis in July and 1% over the past 12 months. The July movement reached a new high for the nationwide household index, surpassing the record set in June 2022.
S&P DJI Managing Director Craig J. “The upward trend in U.S. home prices continued through July 2023,” Lazzara said in a statement. “The price rise that started in January has now wiped out the earlier [H2 2022] decline, so that July represented a new all-time high for the National Composite.
The 20-city index – which measures prevailing home prices in the 20 largest US cities – rose 0.9% monthly in July after seasonal adjustments, exceeding Bloomberg’s survey of economists’ expectations of 0.7%.
“This improvement in home prices is broadly based,” Lazzara said. As was the case last month, 10 of the 20 cities in our sample reached all-time highs. In July, after seasonal adjustments, all “Prices rose in 20 cities (and before adjustments in 19 of them).”
The 20-city index rose 0.1% over the past 12 months. For the third month in a row, Chicago, Cleveland and New York posted the largest year-over-year growth among the largest US metros in July, up 4.4%, 4% and 3.8%, respectively.
