National home prices rose at a slower pace in June while local home price gains varied. Home prices in New York, Detroit and Chicago declined.
The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 3.8% in June, similar to the annual growth rate in May. It was the lowest rate in the past eleven months.
The Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 1.8% in June, slower than 4.3% in May, confirming the deceleration in home prices.
Figure 2 shows the annual growth rate of home prices for 20 major U.S. metropolitan areas.
Among the 20 metro areas, home price appreciation ranged from -7.8% to 13.2%. Las Vegas had the highest home price appreciation of 13.2%, followed by Tampa (7.2%) and Miami (6.6%). Eight out of the 20 metro arears had the higher home price appreciation than the national level of 3.8%. Three metro areas, including New York, Detroit and Chicago, had negative home price appreciation.