The CoreLogic Case-Shiller 20-city house price index rise slowed to 16.1% year-over-year in July, a lower rise than the previous month. A broader measure of home prices, the national index, fell a seasonally adjusted 0.2% in July from June.
The numbers: The S&P CoreLogic Case-Shiller 20-city house price index rise slowed to 16.1% year-over-year in July, a lower rise than the 18.7% jump in the previous month.
A separate report from the Federal Housing Finance Agency showed home prices falling 0.6% in July, from June, down from a 0.1% gain the prior month.Key details: All 20 cities reported lower home price increases year-over-year. A big part of the deceleration that continues from earlier this year is due to higher mortgage rates.
What the producers of the report said: “July’s report reflects a forceful deceleration,” Craig J. Lazzara, managing director at S&P DJI, said in a statement. What are they saying? “The cooling has come fast and hard,” Stephen Stanley, chief economist at Amherst Pierpont, wrote in a note. “Cities in the West posted the steepest increases during the pandemic, and they are reversing hard now.”
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