All the way up: Home price growth broke record for 4th straight month in July

National home prices shot up 19.7% in July, beating June’s then-record 18.7%

National /
Sep.September 29, 2021 07:00 AM
The national composite is now about 44 percent higher than its previous peak in July 2006 (Getty, Unsplash / Annie Spratt)

The national composite is now about 44 percent higher than its previous peak in July 2006 (Getty, Unsplash / Annie Spratt)

Record growth in housing prices is showing no signs of slowing.

U.S. home prices soared 19.7 percent year-over-year in July, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

It’s the fourth straight month in which the growth rate has set a record, said Craig 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,” Lazzara said.

Record growth rates have been set and then broken again every month since April, when prices increased by 14.6 percent annually. In June, home prices saw a year-over-year spike of 18.7 percent.

The national composite is now about 44 percent higher than its previous peak in July 2006. Home prices are at all-time highs in 19 of the report’s 20 cities, with Chicago just 0.3 percent off its 2006 peak. Seventeen of the 20 cities reported higher year-over-year gains in July than in June.

Phoenix, San Diego and Seattle saw the highest gains: prices in Phoenix jumped 32.4 percent compared to last year, San Diego saw an increase of 27.8 percent and Seattle saw an increase of 25.5 percent.

New York, Boston, Charlotte, Cleveland, Dallas, Denver and Seattle all set records for year-over-year increases.





    Related Articles

    arrow_forward_ios
    Single-family rentals are increasingly seen as a more realistic alternative to ownership, given the hot housing market and income inequality. (iStock)
    Single-family rentals soaring in hot housing market
    Single-family rentals soaring in hot housing market
    (Getty)
    Manhattan buyers shun fixer-uppers
    Manhattan buyers shun fixer-uppers
    Sheldon Solow and the Hamptons estate (Getty, Douglas Elliman)
    Sheldon Solow’s Hamptons home gets $10M price cut
    Sheldon Solow’s Hamptons home gets $10M price cut
    Investors home purchases rose to 15 percent in the second quarter, a year-over-year increase of 3.9 percentage points. (iStock)
    Investors take bigger bite of US housing, and pay less
    Investors take bigger bite of US housing, and pay less
    Chicago Bulls’ DeRozan buys mansion from Michael Jordan’s ex-wife at discounted $4.5M
    Chicago Bulls’ DeRozan buys mansion from Michael Jordan’s ex-wife at discounted $4.5M
    Chicago Bulls’ DeRozan buys mansion from Michael Jordan’s ex-wife at discounted $4.5M
    Existing home sales were on the upswing in September following a slight dip in August. (iStock)
    Existing home sales rebound in September, rising by 7%
    Existing home sales rebound in September, rising by 7%
    Prices for the few homes in Fairfield are still going up (iStock)
    Few listings, sustained demand keeps Fairfield home prices near record highs
    Few listings, sustained demand keeps Fairfield home prices near record highs
    520 Park Ave and Gil Agmon (Getty, Delek Motors, Robert A.M. Stern Architects)
    After split, 520 Park sponsor unit sells to Israeli automotive exec for $36M
    After split, 520 Park sponsor unit sells to Israeli automotive exec for $36M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...