US home price growth accelerates again
US home price growth accelerated again in July.
The S&P Cotality Case-Shiller National Home Price Index rose 1.9% year-on-year in July, up from a 1.6% annual increase in June. However, with inflation running at 3.4%, above the pace of home price growth, real home values declined for the 14th consecutive month.
Among major cities, Chicago recorded the strongest annual price increase at 6.9%, followed by New York at 5.8% and Cleveland at 4.2%. Home prices in Seattle fell 1.6% year-on-year. Separate FHFA data showed that US single-family home prices rose 0.3% month-on-month and 2.6% year-on-year in July.
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