S&P Case-Shiller Home Prices Fall -3.9% YoY in July, a New Record Decline!

The twenty city Case-Shiller home price index fell slightly less than expected at -3.9% YoY in July (consensus -4.1%). The smaller ten city index fell -4.5% YoY in July. Annualizing the pace of the past three months shows a faster decline of -4.2% for the 20-city index and -5.5% for the 10-city index.

Over the past year, Detroit remains the largest loser, down -9.7% YoY (but up 1.3% MoM), followed by San Diego and Tampa around -7.75% YoY, then Washington, DC and Phoenix around -7.25% YoY. A total of 15 of the 20 cities are currently showing home price declines versus a year ago. Seattle remains the powerhouse at +6.9% YoY, followed by Charlotte, NC at +6% YoY. Chicago, Dallas and Denver are all within 1% of unchanged YoY. Miami saw the fastest monthly deterioration, falling -1.7% MoM and -6.5% YoY.