Overview

• Seasonally adjusted national prices fell 0.3% in June, while the year-over-year increase slowed to 1.9%, the weakest pace since summer 2023.
• Consumer inflation rose 2.7% over the same 12 months, outpacing home values and marking a real decline in housing wealth, according to S&P.
• Regional results diverged sharply: New York rose 7.0%, Chicago 6.1% and Cleveland 4.5%, while Tampa fell 2.4% and San Francisco 2.0%, with Dallas, San Diego, Denver, Miami and Phoenix also down.
• S&P highlighted volatility pointing to an early‑2025 inflection, with a 0.6% decline in the first half of the period offset by a 2.5% surge in the most recent six months.
• Realtor.com reported list‑price growth slowing to 1.2% year over year and months’ supply rising to 4.6, as economists say inventory gains are giving buyers more leverage in many markets.