United States Housing July 2020

United States

United States: Home price growth accelerates robustly in July

September 29, 2020

The S&P/Case-Shiller 20-city composite home price index—excluding Detroit due to reporting delays—increased 0.6% month-on-month in July, up from June’s 0.3% rise. When adjusted for seasonal factors, home prices were still up 0.6% in July, after June’s flat reading and beat market expectations of a 0.3% rise.

Home prices jumped 3.9% in annual terms in July, which was stronger than June’s 3.5% increase and marked the quickest pace of growth since December 2018. Gains were the strongest in Phoenix for the thirteenth month running, followed by Seattle and Charlotte. Overall, all 19 cities—Detroit data was unavailable in the index in July—registered price growth in July with 16 cities accelerating relative to June.

Our panel expects home prices to increase 3.0% in 2020, which is up 0.7 percentage points from last month’s forecast. For 2021, panelists see home prices rising 1.2% again.

Author:, Economist

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United States Housing Chart

United States Housing July 20 20

Note: S&P/Case-Shiller Composite-20 home price value index and month-on-month non-seasonally adjusted variation.
Source: Standard & Poor’s.

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