Nationally, home prices advanced by 4.8% annually this past July. Just a month before in June, prices rose by 4.3%, according to CNBC. These numbers come from S&P CoreLogic Case-Shiller US National Home Price Index which produces a 10-City Composite and 20-City Composite. But for the largest 10 US metros, July experienced an annual increase of 3.3%. The three metros which saw the highest price increases were Phoenix, Seattle, and Charlotte. Phoenix home prices jumped by 9.2%, Seattle by 7%, and Charlotte with a 6% increase.
Sixteen of the 19 cities reported higher price increases in the year ending July 2020 versus the year ending June 2020.
“In previous months, we’ve noted that a trend of accelerating increases in the National Composite Index began in August 2019. That trend was interrupted in May and June, as price gains decelerated modestly, but now may have resumed,” said Craig Lazzara, managing director and global head of Index Investment Strategy at S&P Dow Jones Indices. “Obviously more data will be required before we can say with confidence that any COVID-related deceleration is behind us.”