Home Price Appreciation Slows in June


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%).

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