NEW YORK—National home price growth has slowed dramatically, with values rising just 1.7% in July compared to the same month a year ago, according to the S&P Cotality Case-Shiller Index.
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This marks one of the weakest annual gains in a decade and lags inflation, meaning homeowners are effectively seeing a decline in real housing wealth.
"July's results reinforce that the housing market has downshifted to a much slower gear," said Nicholas Godec, CFA, CAIA, CIPM, head of fixed income tradables and commodities at S&P Dow Jones Indices. "National home prices rose just 1.7% year-over-year, down from June's 1.9% pace and a far cry from the double-digit gains of two years ago.”
What's keeping price growth barely in positive territory at all is the rebound seen earlier in 2025 offsetting a soft patch in late 2024, Godec said.