U.S. home prices rose 2.1% year-over-year in August, up from 1.9% in July, according to the S&P Cotality Case-Shiller U.S. National Home Price NSA Index. With inflation at 3.4%, home values fell in real terms for the 15th consecutive month.
“U.S. home prices declined in real terms for the 15th consecutive month in August 2026, though the gap narrowed as nominal home price growth strengthened,” said Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices.
Chicago home price increases led all metros for the sixth straight month at 6.7%, followed by New York (6.2%) and Cleveland (4.3%). Seattle posted the largest decline for the third consecutive month at 2.0%, with Las Vegas (-1.3%) and Denver (-0.8%) also falling.
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