Home prices increased 1.7% in July compared to the same month a year ago, down from a 1.9% rise the previous month, according to the S&P Cotality Case-Shiller Index. The 10-city composite rose 1.8% year over year. The 20-city composite increased 2.3% year over year. New York City reported the highest year-over-year gain among the 20 cities with a 6.4% increase, followed by Chicago and Cleveland, at 6.2% and 4.5% respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices fell 0.1% in July compared to the previous month. Home prices were up 2.3% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
