Annual home price growth was 6 percent in July, according to the latest S&P CoreLogic Case-Shiller National Home Price NSA Index, released Tuesday. While that would seem to bode well for homeowners, annual appreciation actually was higher the month before, at 6.2 percent. That means price growth is indeed slowing, as observed yesterday by Redfin.

S&P Dow Jones Indices Managing Editor and Chairman of the Index Committee, David M. Blitzer says the slowdown can be seen across the country, as sales of single-family homes have dwindled over the past year. Despite a gain in housing starts, housing affordability has continued to decline, he said.

Rising home prices are beginning to catch up with housing,” said Blitzer in a prepared statement. “Year-over-year gains and monthly seasonally adjusted increases both slowed in July for the S&P Corelogic Case-Shiller National Index and the 10 and 20-City Composite indices.”

“The slowing is widespread: 15 of 20 cities saw smaller monthly increases in July 2018 than in July 2017,” he added. “Sales of existing single-family homes have dropped each month for the last six months and are now at the level of July 2016.”

Regionally, Las VegasSeattle, and San Francisco reported the highest year-over-year gains among the 20 cities tracked by the index. Las Vegas saw a 13.7 percent gain, Seattle saw a 12.1 percent increase and San Francisco saw a 10.8 percent increase.

“Since home prices bottomed in 2012, 12 of the 20 cities tracked by the S&P Corelogic Case-Shiller indices have reached new highs before adjusting for inflation,” Blitzer concluded. “The eight that remain underwater include the four cities which led the home price boom: Las Vegas, Miami, Phoenix and Tampa. ”

“All are enjoying rising prices, especially Las Vegas which currently has the largest year-over-year increases of all 20 cities,” he said. “The other cities where prices are still not over their earlier peaks are Washington DC, Chicago, New York and Atlanta.”

About the Index

The S&P/Case-Shiller U.S. National Home Price Index is a composite of single-family home price indices that is calculated every month; the indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question.

The nine divisions are:

  • New England
  • Middle Atlantic
  • East North Central
  • West North Central
  • South Atlantic
  • East South Central
  • West South Central
  • Mountain
  • Pacific

CoreLogic serves as the calculation agent for the S&P/Case-Shiller U.S. National Home Price Index.

Email Marian McPherson.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×