Overview

• The S&P CoreLogic Case‑Shiller National Index rose 1.7% year over year in July, down from 1.9% in June and the slowest pace since July 2023.
• The 10‑city composite increased 2.3% and the 20‑city composite rose 1.8% annually, both easing from June’s readings.
• Seasonally adjusted national prices fell month over month for a second straight month, signaling peak‑season deceleration.
• After 2.7% consumer inflation, July marked a third consecutive month of real housing‑wealth decline, according to S&P’s Nicholas Godec.
• Regional performance diverged, with New York (+6.4%), Chicago (+6.2%) and Cleveland (+4.5%) leading gains as Tampa (‑2.8%), San Francisco (‑1.9%), Miami (‑1.3%) and Phoenix (‑0.9%) posted annual declines, and analysts say more inventory and adjusted seller expectations are needed to rebalance the market.