U.S. home prices rise 1.9% in July as real values fall for a 14th month
Key Facts
The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 1.9% year over year in July 2026, compared with a 1.6% increase in June, according to a statement from S&P Dow Jones Indices. July’s reading was included in the index release announced in September, while a later release was scheduled for October 27, 2026, at 8:00 a.m. U.S. Central time, according to the Federal Reserve Bank of St. Louis calendar. The index measures residential home prices across multiple U.S. markets, and its readings are calculated using a three-month moving average. Index levels are published with a two-month lag, making the July reading a reflection of data from the preceding period rather than the October market. S&P said that “U.S. home values declined in real terms for the 14th consecutive month,” as inflation rose faster than nominal prices.
At the city level, the 20-city index rose 2.5% year over year in July, while the 10-city index increased 3.4%, according to the same statement. The national index posted an unadjusted monthly gain of 0.12%, and the 10-city index rose 0.03%, while the 20-city index fell 0.01%. After seasonal adjustment, the national index climbed 0.3% during the month. These readings show differences between annual comparisons and monthly movements, as well as between the geographic coverage of the indexes and the data-adjustment method. The national index’s annual increase accelerated from June, but monthly movements were uneven across the three indexes.
Home price growth remained below inflation: the consumer price index rose 3.4% year over year in July, compared with a 1.9% annual increase in the national home price index. S&P estimated the gap at about 1.5 percentage points and said prices had fallen in real terms for the 14th consecutive month. On a monthly basis, shelter prices rose 0.1%, accounting for about two-thirds of the increase in the overall consumer price index, according to the U.S. Bureau of Labor Statistics. By contrast, the energy index fell 1.5% during the month. Inflation components show that shelter remained a major contributor to the overall price increase, even as its monthly rise moderated.
Chicago led the 20 cities with an annual increase of 6.9% in July, followed by New York at 5.8% and Cleveland at 4.2%, according to S&P. Seattle, by contrast, posted the lowest return among the cities, with an annual decline of 1.6%. The gap between local market results widened, as Chicago home prices rose faster than the 20-city and 10-city indexes, while Seattle moved in the opposite direction. Six of the eight eastern metropolitan markets also recorded higher annual changes in July than in June, compared with just two of the eight western markets. This comparison indicates that the improvement in annual rates in July was more widespread among the eastern markets covered by the data.
At the national level, the July reading was 9.3% above its June 2022 peak and 15.0% above its January 2023 trough, according to S&P Dow Jones Indices data. This comparison provides context for the price trajectory since the previous peak, although real growth remained negative as inflation exceeded the nominal increase. The company warned that index data for the previous 24 months may be revised as additional source data become available. The October release was listed on the St. Louis calendar for a specific date, but the date alone does not establish August results, and the available facts do not include a verified reading for that release. After the October release, the Federal Reserve scheduled November 18 for publication of the minutes of its October 27–28 meeting.