Home values increased 1.9% year over year in July, accelerating from a 1.6% pace in June, according to S&P Cotality Case-Shiller data from S&P Dow Jones Indices. The 10-City Composite advanced 3.4% from a year earlier after 3.0% in June, and the 20-City Composite rose 2.5% versus 2.2% previously.
On a non-seasonally adjusted basis from June to July, the U.S. National Index ticked up 0.12%, the 10-City edged 0.03% higher, and the 20-City slipped 0.01%. After seasonal adjustment, the National Index increased 0.3% month over month, while the 10-City and 20-City rose 0.4% and 0.3%, respectively. According to Rebecca Kaufman, who serves as associate director of commodities for S&P Dow Jones Indices, "In a notable departure from typical seasonal patterns, the non-seasonally adjusted National and Composite indices recorded monthly gains smaller than their seasonally adjusted counterparts." "This suggests seasonal factors weighed heavily on home prices in July."
Among the 20 tracked metros, Chicago led with a 6.9% annual gain in July. Coming next was New York at 5.8%, with Cleveland up 4.2%. On the other side, Seattle had the largest annual drop for a second month, falling 1.6%, with Las Vegas down 1.3% and Denver off 1.1%.
Regional splits persisted. In the East, six of eight metros saw larger year-over-year moves in July than in June, while only two of eight in the West did so.
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Consumer prices were up 3.4% in July from a year earlier, with the bulk of the move in energy. Energy prices increased 14.7% and gasoline rose 24.6%. "Core inflation, which excludes food and energy, rose only 2.5% year-over-year," Kaufman said. "This distinction is important because persistent inflation in shelter and other core categories tends to have a more direct impact on housing affordability than energy-driven price fluctuations."
Real home prices declined for the 14th straight month. Separately, fresh HousingWire data shows the median new-listing price fell to $415,000 from $429,900 in the latest week relative to the previous week, and the median list price slipped to $439,000 from $439,900.
Cotality is still experiencing lags in obtaining transaction records from Wayne County, the Detroit metro's most populous county. Consequently, the Detroit S&P Cotality Case-Shiller Index could not be validly updated for July 2026 for the September 29 release because the information was insufficient. However, enough data existed to compute a valid June 2026 update, and that update appears in the report.
The market is inching higher overall, but momentum is uneven by city and seasonality is loud right now. Energy costs lifted headline inflation, core stayed cooler, and affordability remains tight even as real prices have been slipping. For everyday budgets, that mix can mean housing feels different depending on your zip code and timing.
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