Home price growth in the U.S. soared to new highs in July.
Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 19.7% annual gain in July, which is up from 18.7% in June. This is the fourth straight month in which the growth rate set a new record.
The 20-City Composite posted a 19.9% annual gain, up from 19.1% in June. The results were just shy of analysts’ expectations of a 20% annual gain, according to Bloomberg consensus estimates.
“The National Composite Index marked its fourteenth consecutive month of accelerating prices with a 19.7% gain from year-ago levels, up from 18.7% in June and 16.9% in May,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country.”
In July, all 20 cities recorded home price increases. Home prices in 19 of the 20 cities are now at all-time highs. Only Chicago is an outlier.
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