Home prices increased 1.5% in June compared to the same month a year ago, up from a 1.2% rise the previous month, according to the S&P Cotality Case-Shiller Index. The 10-city composite rose 2.9% year over year. The 20-city composite increased 2.1% year over year. Chicago reported the highest year-over-year gain among the 20 cities with a 6.9% increase, followed by New York City at 4.8% and Cleveland at 4.1%.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices were unchanged in June compared to the previous month. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
