Home prices increased 5% in July compared to the same month a year ago, down from a 5.5% rise the previous month, according to the S&P CoreLogic Case-Shiller Index released today. The 10-city composite rose 6.8% year over year compared to a 7.4% increase the previous month. The 20-city composite increased 5.9% year over year, down from a 6.5% increase the previous month. New York reported the highest annual gain among the 20 cities with an 8.8% increase in July, followed by Las Vegas and Los Angeles with annual increases of 8.2% and 7.2%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.1% in July compared to the previous month. Home prices were up 4.5% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
