United States: Home price growth continues to accelerate in July
The S&P/Case-Shiller 20-city composite home price index increased 1.5% month-on-month in July, after June’s 2.0% rise. When adjusted for seasonal factors, home prices were up 1.5% in July, which was softer than June’s 1.8%.
Home prices surged 20.0% in annual terms in July, up from June’s 19.1% jump and marked the quickest pace of growth since current records began back in January 2001. Home prices rose at the quickest rate in Phoenix—for 26 months in a row now—followed by San Diego and Seattle. Overall, all 20 cities registered double-digit price growth in July.