US Home Price Price Growth Slows in July: Case-Shiller
2024-09-24 13:06
By
Andre Joaquim
1 min. read
The S&P CoreLogic Case-Shiller 20-city home price index in the US rose by 5.9% from the previous year in July of 2024, slowing from the 6.5% increase during the previous month, and loosely in line with market expectations of a 5.8% rise.
It was the slowest increase in home prices since November 2023, indicating the impact of higher interest rates on home demand.
Still, it was the ninth consecutive month that price growth remained above the 5% threshold.
The sharpest increases were seen in New York (8.76%), Las Vegas (8.24%), and San Diego (7.19%).
On the other hand, Portland (0.84%) and Denver (1.32%) remained with the slowest growth rates.
“Accounting for seasonality of home purchases, we have witnessed 14 consecutive record highs in our National Index,” says Brian D.
Luke, CFA, Head of Commodities, Real & Digital Assets.
“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”.