Home prices had a 15.8% annual gain in July, a drop from the 18.1% annual gain posted in July, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The 2.3% difference was the largest home price deceleration in the history of the index.
The 10-City Composite annual increase was 14.9%, down from 17.4%, and the 20-City Composite annual increase was 16.1%, down from 18.7%.
“Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” stated Craig J. Lazzara, managing director at S&P DJI. “The theme of strong but decelerating prices was reflected across all 20 cities.”
Tampa, Miami and Dallas reported the highest year-over-year increases among the 20 cities, increasing 31.8%, 31.7% and 24.7%, respectively.