Case-Shiller Index shows home price gains slowing in July
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.0% annual gain in July, down from 6.2% in the previous month, S&P Dow Jones Indices reported on Tuesday. The data shows that home prices continued their rise across the country over the last 12 months.
“Rising homes prices are beginning to catch up with housing,” David M. Blitzer, managing director at S&PDJI said.
The 10 city composite annual increase declined to 5.5% from 6.0% in June while the 20 city composite posted a 5.9% year-over-year gain in July, down from 6.4% in the previous month.
Among the 20 cities, Las Vegas, Seattle and San Francisco continued to report the highest year-over-year price gains. In July, Las Vegas led the way with a 13.7% year-over-year price increase, followed by Seattle with a 12.1% increase and San Francisco with a 10.8% increase.
Before seasonal adjustment, the national index posted a month-over-month gain of 0.4% in July while the 10 and 20 city composites reported increases of 0.2% and 0.3%, respectively.
After seasonal adjustment, the national index showed 0.2% month-over-month increase in July while the 10 city composite was unchanged and the 20 city composite rose 0.1% month-over-month.
“The slowing is widespread: 15 of 20 cities saw smaller monthly increases in July 2018 than in July 2017,” said Blitzer. “Sales of existing single family homes have dropped each month for the last six months and are now at the level of July 2016. Housing starts rose in August due to strong gains in multifamily construction. The index of housing affordability has worsened substantially since the start of the year.”