The gain in home prices is far from the runaway price appreciation seen earlier in the pandemic.
Economists estimate home prices rose above year-ago levels in July for the first time in five months. More current data show the trend continued last month.
A positive reading in the 20-city index would put a bookend on what turned out to be a relatively shallow home price pullback. Unadjusted prices measured by the Case-Shiller 20-city index dropped a little under 7% from peak to trough following mortgage rates‘ significant climb in late 2022 and through 2023.
While Case-Shiller is one of the most closely watched measures of home prices, it also has a significant lag. More recent, though less comprehensive, data show that home prices have risen above year-ago levels for two straight months as high mortgage rates keep sellers from listing their homes. CoreLogic, which releases a separate home price index about two weeks in advance of the Case-Shiller data, found that home prices in July were 2.5% higher nationally than year-ago levels. “Annual home price growth regained momentum in July, which mostly reflects strong appreciation from earlier this year,” Selma Hepp, CoreLogic’s chief economist, said in a statement.
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