Press Release
July home price growth picks up annual steam, but monthly momentum lags
The S&P Cotality Case-Shiller Home Price Index, formerly known as the S&P CoreLogic Case-Shiller Home Price Index, is a leading measure of U.S. residential real estate prices.
IRVINE, Calif., September 29, 2026 - U.S. home prices rose 1.9% year over year in July, up from 1.6% in June. The 10-City and 20-City Composite indices increased 3.4% and 2.5%, respectively, continuing to outpace the national index.
Annual price appreciation increases to 1.9% in July
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (September 29, 2026)
Monthly growth ticks up to 0.1%, but remain sluggish
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (September 29, 2026)
“July’s data indicates that price growth is gaining momentum, albeit unevenly,” said Thomas Malone, principal economist at Cotality. “National appreciation reached 1.9%, outperforming June in most major metros. While prices rose just 0.1% over the month, seller concessions are opening up opportunities for buyers. This may be short-lived, however, with higher mortgage rates continuing to create a moving target for buyers, extending the uphill battle into fall."
Home price highlights:
- Annual appreciation strengthened: National home price growth accelerated to 1.9% in July (up from 1.6% in June). The 10-City and 20-City Composite indices increased 3.4% and 2.5%, respectively, continuing to significantly outpace the national trend.
- Monthly growth remained below the seasonal norm: National prices edged up just 0.1% month-over-month, far below the pre-pandemic July average of 0.5% recorded from 2015 through 2019. This signal indicates that monthly momentum remains weak despite stronger annual gains.
- Annual growth accelerated across most major metros: Fourteen metros recorded faster year-over-year appreciation in July than in June. Chicago posted the strongest annual gain (6.9%), followed by New York (5.8%) and Cleveland (4.2%). Seattle recorded the weakest performance, with prices down 1.6% from a year earlier.
- Monthly changes showed a widespread softness: Cleveland led month-over-month gains at a modest 1.0%, followed by New York and Chicago (both ~0.5%). Eleven metros recorded monthly declines, with San Francisco posting the largest decrease at 0.6%.
- Price-tier performance was generally flat to negative: Across the 16 metros with tier-level indices, low- and high-priced homes averaged flat growth, while middle-tier homes fell 0.2%. Chicago recorded broad-based gains across all three tiers, while San Francisco posted declines in each tier.
Annual price growth accelerates across majority of major metros
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (September 29, 2026)
Monthly price growth lags pre-pandemic July averages across major markets
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (September 29, 2026)
July’s results point toward a gradually improving housing market, with the Midwest and Northeast continuing to drive gains. Strong annual appreciation in cities like Chicago, New York and Cleveland contrasts sharply with persistent yearly declines across the West and South, including Seattle, Las Vegas, Denver, Tampa, Portland and Dallas. However, widespread monthly dips suggest this stabilization remains fragile, and recent spikes in mortgage rates could disrupt momentum into the fall.
Low-and high-priced homes hold flat while middle tier dips in July
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (September 29, 2026)
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