United States: Home price growth slows in June
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.