July Home prices rose 4.8% annually, up from a 4.3% gain in June, according to S&P CoreLogic Case-Shiller U.S. National Home Price Index.
The report reaffirms the trends of strong demand from homebuyers combined with historically low mortgage interest rates.
The 10-City Composite annual increase showed a 3.3% gain, up from 2.8% in the previous month. The 20-City Composite rose 3.9% annually, up from 3.5% in June.
Phoenix (+9.2%), Seattle (+7.0%) and Charlotte (+6.0%) reported the highest year-over-year gains among the 19 cities (excluding Detroit) in July.
“The strength of the housing market was consistent nationally – all 19 cities for which we have July data rose, with 16 of them outpacing their June gains,” says Craig J. Lazzara, MD and Global Head of Index Investment Strategy at S&P Dow Jones Indices.
Previously: Mortgage rates tick up but housing demand remains strong (Sept. 24)