US Home Prices Rise at Fastest Pace in a Year

The S&P Cotality Case-Shiller 20-City Home Price Index rose 2.1% year-over-year in June 2026, accelerating from 1.6% in May and exceeding expectations of 1.7%. The annual increase was the strongest since June 2025. However, after adjusting for inflation, home prices fell for a 13th consecutive month, as 3.5% inflation outpaced nominal price growth. Chicago continued to lead the gains, with prices up 6.9% year-over-year, followed by New York at 4.8% and Cleveland at 4.1%. In contrast, Seattle recorded the largest decline at 2.0%, followed by Las Vegas (-1.9%) and Denver (-1.2%), highlighting the continued divergence between stronger Northeast and Midwest markets and softer Western and Sunbelt markets.

The S&P Cotality Case-Shiller 20-City Home Price Index rose 1.6% year-over-year in May 2026, accelerating from an upwardly revised 1.2% increase in April and exceeding market expectations of 1.3%. The annual gain was the strongest since August 2025. However, after adjusting for inflation, home prices declined for a 12th consecutive month, as May's 4.2% inflation rate outpaced nominal home price growth by 2.6 percentage points. For a third straight month, Chicago recorded the strongest annual price increase among the 20 cities, up 6.9%, followed by New York (4.2%) and Cleveland (3.1%). Meanwhile, Las Vegas posted the steepest decline (-1.9%), ahead of Seattle (-1.8%), Denver (-1.8%), and Tampa (-1.6%). On a monthly basis, home prices increased 0.9%, easing slightly from gains of 1.0% in April and 1.1% in March but continuing to reflect the seasonal strength typically seen during the spring homebuying season. On a seasonally adjusted basis, prices rose 0.2% from the previous month.

The S&P Cotality Case-Shiller 20-City Home Price Index increased 1.1% year-over-year in April 2026, following an upwardly revised 0.9% gain in March and surpassing market expectations. This marked the first acceleration in home price growth since November 2025, though prices remained near a three-year low, reflecting a cooling US housing market. For the 11th consecutive month, inflation outpaced home price growth, continuing to erode real housing wealth. Regional trends diverged, with the Midwest and Northeast leading moderate gains, while many Sun Belt and Western metros saw further declines. Chicago led with a 6.5% annual rise, followed by New York (3.8%) and Cleveland (3.2%). Seattle posted the steepest drop at -2.3%, with Denver (-1.8%), Tampa (-1.8%), Dallas (-1.6%), and Phoenix (-1.7%) also among the notable decliners.