US house price growth eases in June - S&P/Case-Shiller

US house price growth eased in June, according to the latest S&P/Case-Shiller national home price index.

The 20-city index rose 18.6% on the year, down from 20.5% growth May and coming in below expectations for a 19.5% increase.

Meanwhile, the National Home Price NSA index, which covers all nine US census divisions, jumped 18% on the year in June, down from 19.9% the month before.

Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in June. Tampa led the way with a 35% year-over-year increase, followed by Miami with a 33% rise, and Dallas with a 28.2% increase.

Craig J. Lazzara, managing director at S&P DJI, said: "It’s important to bear in mind that deceleration and decline are two entirely different things, and that prices are still rising at a robust clip.

"June’s growth rates for all three composites are at or above the 95th percentile of historical experience. For the first six months of 2022, in fact, the National Composite is up 10.6%. In the last 35 years, only four complete years have witnessed increases that large.

"The market’s strength continues to be broadly based, as all 20 cities recorded double-digit price increases for the 12 months ended in June. In 19 out of 20 cases, however, June’s reading was less than May’s, showing the impact of deceleration at the regional level.

"We’ve noted previously that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that continued as our June data were gathered. As the macroeconomic environment continues to be challenging, home prices may well continue to decelerate."