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US index reports record high 19.7% annual home price gain in July

The S&P CoreLogic Case-Shiller US National Home Price NSA Index, covering all nine US census divisions, reported a 19.7% annual gain in July, up from 18.7% in the previous month. The 10-City Composite annual increase came in at 19.1%, up from 18.5% in the previous month, while the 20-City Composite posted a 19.9% year-over-year gain, up from 19.1% in the previous month. 

Phoenix, San Diego, and Seattle reported the highest year-over-year gains among the 20 cities in July. Phoenix led the way with a 32.4% year-over-year price increase, followed by San Diego with a 27.8% increase and Seattle with a 25.5% increase. Seventeen of the 20 cities reported higher price increases in the year ending July 2021 versus the year ending June 2021.  

“July 2021 is the fourth consecutive month in which the growth rate of housing prices set a record”, said Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI, who added, “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.”

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