The numbers: The S&P CoreLogic Case-Shiller 20-city index rose 0.1%, seasonally adjusted, in July, and was up 5.9% compared with a year ago.
What happened: Home-price gains were weaker in the three-month period ending in July than in the prior month. The Case-Shiller national index rose a seasonally adjusted 0.2% and was up 6.0% for the year in July, down from a 6.2% increase in June. The more closely-watched 20-city index had notched a 6.4% gain last month. Those were the slowest paces of growth since last summer.
In July, Las Vegas was the number-one metro area yet again, with a 13.7% annual increase. It was followed by Seattle, at 12.1%, and San Francisco, at 10.8%. Only five cities had stronger price gains in July versus in June.
Big picture: “Rising home prices are beginning to catch up with housing,” said David Blitzer, who chairs the committee that compiles the price indexes. If would-be buyers balk at sky-high prices and stay away, prices should reflect that. The question now is whether this slight dip will lure more buyers back and kick-start more price growth.
What they’re saying: “Amidst homebuyers’ budget constraints and slight improvements in supply levels, home prices grew at a slower pace last quarter,” economists at mortgage financier Freddie Mac said Monday, before the Case-Shiller release. “For the year, we anticipate that home prices will increase 5.5%, with the growth rate moderating to 4.5% in 2019.”