The S&P US National Home Price Index dropped -0.3% MoM in June and was up just 1.9% YoY, down from 2.3% YoY in May. This is the lowest annual rate since July 2023.

• The S&P 20-City Composite Index was down -0.3% MoM, causing the annual rate to slow from 2.8% YoY to 2.1% YoY.
• The S&P 10-City Composite Index eased -0.1% MoM, and that annual rate dropped from 3.4% YoY to 2.6% YoY.

• New York (+7.0% YoY), Chicago (+6.1%), and Cleveland (+4.5%) led gains, reflecting a regional shift toward traditional industrial centers.

• Tampa (-2.4% YoY), San Francisco (-2.0%), and Dallas (-1.0%) recorded the steepest declines, highlighting continued Sun Belt and West Coast weakness.

• National home price growth lagged CPI inflation (+2.7% YoY), marking the first decline in real housing wealth in several years.

• After seasonal adjustment, all three headline composites declined, suggesting that underlying housing demand remains weak despite normal seasonal buying patterns.