The 20-City Case-Shiller Composite gained 5.0 percent year-over-year in July, consistent with June’s gain. The 10-City Composite gained 4.5 percent from the previous year, down from a 4.6 percent annual increase last month. The National Index posted a 4.7 percent year-over-year increase, compared to a 4.5 percent increase in June.
Fourteen cities in the 20-City Index reported greater annual price increases in July than in the previous month. San Francisco, Denver and Dallas reported the highest gains, with year-over-year increases of 10.4 percent, 10.3 percent and 8.7 percent.
On a monthly basis, both the 10 and 20-City Composites both reported gains of 0.6 percent, while the National Index posted a month-over-month gain of 0.7 percent.
“The economy grew at 3.9% real annual rate in the second quarter of 2015 with housing making a major contribution. Residential investment grew at annual real rates of 9-10% in the last three quarters, far faster than total GDP,” says David M. Blitzer of S&P Dow Jones Indices. “Other Positive indicators of current and expected future housing activity include gains in sales of new and existing housing and the National Association of Home Builders sentiment index. An interest rate increase by the Federal Reserve now expected in December by many analysts is not likely to derail the strong housing performance.”
Read the S&P/Case-Shiller release.