Annual Home Price Gains in July Inch Upward

July home prices showed an annual gain of 5.1 percent, up from 5 percent in June, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

The 10-City Composite in July posted a 4.2 percent annual increase, down from 4.3 percent in June. The 20-City Composite reported a 5.0 percent annual increase, down from 5.1 percent in June.

The highest year-over-year gains in July were recorded in Portland, 12.4 percent; Seattle, 11.2 percent; and Denver, 9.4 percent.

The National Index posted a month-over-month gain of 0.7 percent in July, while the 10- and 20-City Composites recorded gains of 0.5 percent and 0.6 percent, respectively.

“Both the housing sector and the economy continue to expand with home prices continuing to rise at about a 5 percent annual rate,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in a statement.