United States Housing June 2020

United States

United States: Home price growth slows in June

August 25, 2020

The S&P/Case-Shiller 20-city composite home price index—excluding Detroit due to reporting delays—eased to 0.2% month-on-month in June, down from May’s 0.4% rise. When adjusted for seasonal factors, home prices were flat in June, after rising a modest 0.1% in May and missed market expectations of a 0.1% rise.

Home prices grew 3.5% in annual terms in June, which was slightly softer than May’s 3.6% increase. Gains continued to be the strongest in Phoenix for the twelfth month running, followed by Seattle and Tampa. Overall, all 19 cities—Detroit data was unavailable in the index in June—registered price growth in June with five cities accelerating relative to May.

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 June 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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