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Home prices pick up again in July

Home prices hit a new all-time high in July.

Yahoo Finance’s Rebecca Chen reports:

The S&P Case-Shiller US National Home Price Index in July increased 0.6% month over month and 1% over the last 12 months, on a seasonally adjusted basis. July’s movement reached a new high for the nationwide home index, surpassing the record set in June 2022.

“U.S. home prices continued to rally in July 2023,” Craig J. Lazzara, managing director at S&P DJI, said in a statement. “The increase in prices that began in January has now erased the earlier [H2 2022] decline, so that July represents a new all-time high for the National Composite.”

The 20-city index — measuring existing home prices in the 20 largest US cities — rose 0.9% monthly in July after seasonal adjustment, exceeding Bloomberg’s survey of economists’ expectations of 0.7%.

“This recovery in home prices is broadly based,” Lazzara said. “As was the case last month,10 of the 20 cities in our sample have reached all-time high levels. In July, prices rose in all 20 cities after seasonal adjustment (and in 19 of them before adjustment).”

The 20-city index increased by 0.1% over the last 12 months. For the third straight month, Chicago, Cleveland, and New York reported the highest year-over-year gains among the largest US metropolitans in July, at 4.4%,4%, and 3.8%, respectively.

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