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U.S. home-price growth slowed in June, but continued to show modest growth amid the COVID-19 pandemic.
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The S&P CoreLogic Case-Schiller 20-city home price index rose 3.5% year-over-year in June, a slight slowdown from the revised 3.6% growth in May and below the 3.8% pace that economists surveyed by Refinitiv were expecting.
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“June’s gains were quite broad,” said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “As has been the case for the last several months, prices were particularly strong in the Southeast and West, and comparatively weak in the Midwest and (especially) Northeast.”
Phoenix led the way for the 13th consecutive month, up 9% versus last year, while Seattle and Tampa Bay saw annual increases of 6.8% and 1.3%, respectively. Meanwhile, prices in Chicago edged up 0.6%, making for the smallest increase.
Charlotte, Dallas, Los Angeles, Minneapolis, San Diego and Washington D.C. saw price growth accelerate on a month-over-month basis from May to June while Las Vegas, New York and San Francisco saw declines.
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Data from Wayne County, Michigan, home of Detroit, has been unavailable since March as a result of recording delays caused by COVID-19.