US Home Price Growth Accelerates in July

The S&P Cotality Case-Shiller 20-City Home Price Index rose 2.5% year-on-year in July 2026, the strongest increase since May 2025 and above expectations of 2.2%. Chicago led the major metros for a fifth straight month, with prices up 6.9% year-on-year, followed by New York (+5.8%) and Cleveland (+4.2%). Seattle recorded the largest decline for a second consecutive month (-1.6%), followed by Las Vegas (-1.3%) and Denver (-1.1%). The long-standing East-West divide persisted, with six of eight Eastern metros recording stronger annual gains than in June, compared with just two of eight Western markets. On a monthly basis, home prices were unchanged in July after a 0.4% increase in June. However, after adjusting for inflation, home prices declined for a 14th consecutive month, with 3.4% inflation outpacing nominal price growth.

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.