Case-Shiller Improves in June

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The summer improvement in home prices was confirmed in the latest release of the S&P Cotality Case-Shiller Indices. The National Composite Index (NSA) increased 1.5% y/y in June, compared to the 1.2% annual gain reported in the prior month. Nevertheless, seven metros in the 20-City Composite Index, primarily concentrated in the West and Sunbelt regions, posted y/y losses. Seattle saw the largest decline at -1.95%, followed by Las Vegas (-1.90%), Denver (-1.24%), Tampa (-1.19%), Phoenix (-0.88%), Dallas (-0.66%), and Portland (-0.38%). Growth rates posted by the top five cohort illustrate the wide geographic disparity in the current US housing market, with home prices in Chicago increasing 6.9% y/y, New York 4.79%, Cleveland 4.13%, San Francisco 3.22%, and Boston 2.71%. 

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