Home prices reached an all-time high in July as all major metro markets reported year-over-year price increases, according to the S&P CoreLogic Case-Shiller Indices.
The U.S. National Home Price NSA Index saw a 5.0% increase from July 2023 to July 2024. The 10-City Composite was up 6.8%, and the 20-City Composite was up 5.9%.
New York reported the highest annual gain among the 20 cities with 8.8% in July, followed by Las Vegas and Los Angeles with annual increases of 8.2% and 7.2%, respectively. Portland had the lowest year-over-year growth, 0.8%.
"Accounting for seasonality of home purchases, we have witnessed 14 consecutive record highs in our National Index," said Brian D. Luke, head of commodities, real & digital assets at S&P Dow Jones Indices, in a statement. "While the S&P 500 has achieved 39 record highs and the S&P GSCI Gold TR hit 35 record highs, housing is following a similar trajectory.”
Read the full report here.
