The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 1.9% annual gain in June, the slowest pace since the summer of 2023 and down from a 2.3% annual gain in May.
The 10-City Composite had a year-over-year increase of 2.1%, and the 20-City Composite had a year-over-year increase of 2.6%.
New York reported the highest annual gain among the 20 cities, with a 7.0% increase in June, followed by Chicago and Cleveland, with increases of 6.1% and 4.5%, respectively. Tampa was lowest, falling 2.4%.
“The monthly patterns in June reveal a market caught between seasonal forces and underlying weakness,” S&P Dow Jones Indices Head of Fixed Income Tradables & Commodities Nicholas Godec said in a statement. “While 13 of 20 metros posted monthly gains before seasonal adjustment, the national index managed just 0.1% growth. After seasonal adjustment, all three headline composites declined, with the National Index falling 0.3%, suggesting that underlying housing demand remains weak despite normal seasonal buying patterns.”
Read the full report here.
