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.
Author: Steven Burke, Economist