U.S. home prices rose 1.9% in the year to July, according to the S&P Cotality Case-Shiller national index released Tuesday, up from 1.6% in June. With consumer prices up 3.4%, homes lost value in real terms for the 14th month in a row.
The spread between cities is wide. Chicago led for the fifth straight month with a 6.9% gain, followed by New York at 5.8% and Cleveland at 4.2%. Seattle was weakest, down 1.6%.
The Federal Housing Finance Agency’s index, which covers homes with conventional mortgages, rose 0.3% in July and 2.6% from a year earlier. Its regional gap was just as stark: from 0.6% in the Mountain states to 6.3% in the Middle Atlantic.
These figures reflect sales agreed in late spring, before mortgage rates moved toward 7%.
Sources
- S&P Dow Jones Indices, Case-Shiller, July 2026
- RISMedia, Case-Shiller metro results
- FHFA, House Price Index, July 2026
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