The numbers: The pace of home price appreciation across much of the U.S. continued to peter out in July, according to a major price barometer.
The S&P CoreLogic Case-Shiller 20-city price index remained the same in July on a monthly basis after seasonal adjustments.
On an annual basis, the index only increased 2% from July 2018, down from 2.1% the month prior. This represents the slowest rate of home price appreciation since 2012.
What happened: Between June and July, home prices rose only in 14 of the 20 large cities that the Case-Shiller index tracks, and most of these increases were relatively small.
Phoenix and Las Vegas continued to experience the most pronounced home price growth of these cities over the past year, with increases of 5.8% and 4.7% respectively. Charlotte sped past Tampa for the No. 3 spot, with home price appreciation of 4.6%.
Seattle continued to be the only city where home prices have fallen over the past year, but the rate of home price declines has slowed.
“The geographic flip-flop of home price growth has cemented itself strongly across the country,” Ralph B. McLaughlin, deputy chief economist and executive of research and insights for CoreLogic said. “Pacific markets are now making up a majority of housing markets with the lowest price growth, while second-tier markets in the South and Midwest continue to lead the country. This is a result of years of unprecedented yet unsustainable growth along the West Coast combined with stubbornly solid economic growth that is benefitting areas initially left out of the recovery from the Great Recession.”
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