The S&P CoreLogic Case-Shiller Indices for July 2022 show that home price gains decelerated across the U.S., with the seasonally adjusted U.S. National Index posting a month-over-month decrease of -0.2%.
The 10-City and 20-City Composite indexes posted decreases of -0.5% and -0.4%, respectively.
The National Index showed a 15.8% annual gain in July, down from 18.1% in the previous month. The 10-City Composite annual increase came in at 14.9%, down from 17.4% in the previous month, while the 20-City Composite posted a 16.1% year-over-year gain, down from 18.7% in the previous month.
Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in July. Tampa led the way with a 31.8% year-over-year price increase, followed by Miami in second with a 31.7% increase, and Dallas in third with a 24.7% increase.
All 20 cities reported lower price increases in the year ending July 2022 versus the year ending June 2022.
In July, only 7 cities reported increases before and after seasonal adjustments.
“Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” says Craig J. Lazzara, managing director at S&P DJI. “For example, while the National Composite Index rose by 15.8 percent in the 12 months ended July 2022, its year-over-year price rise in June was 18.1 percent.
“The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index,” he notes.
“As the Federal Reserve continues to move interest rates upward, mortgage financing has become more expensive – a process that continues to this day,” Lazzara adds. “Given the prospects for a more challenging macroeconomic environment, home prices may well continue to decelerate.”
