US home prices rise again in July, Case-Shiller index shows. Does Charlotte follow suit?

Gains in Charlotte-area home prices followed a similar pattern in July.

Prices in the Charlotte metro that month rose 0.8% from June and 1.8% year over year, according to the latest S&P CoreLogic Case-Shiller index, released today. That compared to an annual jump of 23.6% in July 2022.

In June, local home prices had increased 0.7% from May after seasonal adjustment and 1.7% over the year — down from 25.5% growth in the same month last year.

The national index posted a 1% year-over-year price increase in July — up from no growth in the previous month. The 20-city composite logged an annual increase of 0.1%, up from a 1.2% loss in June; the 10-city measure saw a 0.9% increase, up from a 0.5% loss in June.

On a monthly basis, the national index recorded a seasonally adjusted increase of 0.6% over June. The 20-city and 10-city composites rose 0.9% and 0.8%, respectively, after seasonal adjustment.

“We have previously noted that home prices peaked in June 2022 and fell through January of 2023, declining by 5% in those seven months,” said Craig Lazzara, managing director at S&P Dow Jones Indices. “The increase in prices that began in January has now erased the earlier decline, so that July represents a new all-time high for the National Composite.”

Markets in the Midwest and Northeast continued to lead the home-price charge on an annual basis, the Case-Shiller data showed. Of the 20 markets tracked by Case-Shiller, Chicago, Cleveland and New York had the highest annual gains in July of 4.4%, 4% and 3.8%, respectively. The West and Southwest regions trailed behind, with Las Vegas and Phoenix at the bottom with declines of 7.2% and 6.6%, respectively.

Of those 20 markets, Charlotte ranked eighth in annual price growth.

“All of the cities at all-time highs are in the Eastern or Central time zones, and with two exceptions (Dallas and Tampa), all of the cities not at all-time highs are in the Pacific or Mountain time zones,” Lazzara said.

While eight markets posted year-over-year declines in July, all 20 saw home prices grow on a monthly basis after seasonal adjustment.

The Case-Shiller index tracks prices using a three-month, rolling average of repeat single-family home sales. Results are released each month.

Here’s a look at how annual home-price gains in the Charlotte metro have trended over the past year: