National home price appreciation continued to slow in June. Three metro areas, including New York, Miami and Seattle, experienced home price declines for the month.
The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices slowed to a 1.9% seasonally adjusted annual growth rate in June, from 2.4% in May. On a year-over-year basis, the Case-Shiller U.S. National Home Price NSA Index posted a 3.1% annual gain in June, down from 3.3% in May. It was the lowest annual gain since September 2012. The annual growth rate has decreased for fifteen straight months, from 6.5% in March 2018 to 3.1% in June 2019.
Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 1.8% in June, unchanged from last month. On a year-over-year basis, the FHFA Home Price NSA Index rose by 4.7% in June, the lowest annual growth rate since January 2015. It confirmed the slowdown in home price appreciation.
In addition to tracking home price changes nationwide, S&P also reported home price indexes across 20 metro areas. In June, local home prices varied and their annual growth rates ranged from -7.5% to 8.1%. Among the 20 metro areas, eleven metro areas exceeded the national average of 1.9%. Boston, Phoenix and Minneapolis had the highest home price appreciation. Boston led the way with an 8.1% increase, followed by Phoenix with a 7.1% increase and Minneapolis with a 6.0% increase. Home prices in three metro areas declined in June. They were New York (-7.5%), Miami (-0.8%) and Seattle (-0.7%).