US House Prices Increased by 1.9 Percent Annually in July

According to July data released by S&P Dow Jones Indices, house prices across the US showed an annual increase of 1.9 percent. Meanwhile, the index measuring house prices in the country's 20 major cities rose by 2.5 percent in the same period.

National House Price Index Data

S&P Dow Jones Indices shared the national house price index data for July with the public. According to the announced figures, the national index reflecting house prices across the US recorded a 1.9 percent annual increase in July. This index had shown a 1.6 percent annual increase in the previous month, June.

Twenty Major Cities Index and Expectations

The index measuring the change in house prices across 20 major US cities increased by 2.5 percent annually in July. The general expectation in the markets was for the index to increase by 2.2 percent during this period. This index had also recorded a 2.2 percent annual rise in June.

Price Changes by City

Among the 20 cities included in the index, Chicago was the city with the highest annual increase in house prices. House prices in Chicago rose by 6.9 percent in July, followed by New York with 5.8 percent and Cleveland with 4.2 percent. In the same period, the city that experienced the largest annual decline in house prices was Seattle, with a 1.6 percent drop.

Real Decline Trend and Inflation Impact

In the statement made by S&P Dow Jones Indices, it was emphasized that house prices continued to decline in real terms in July. It was stated that the announced data points to the 14th consecutive month of declines on a real basis. The institution expressed that slightly lower inflation and stronger growth in nominal house prices contributed to narrowing the gap.