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The United States national home prices edged higher during the month of July, strengthening probabilities of a December interest rate hike by the Federal Reserve. However, price appreciation in the 20-City Index has shown signs of cooling off.
The S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas rose 5 percent in July on a year-over-year basis, retreating from the 5.1 percent climb in June against a 5.1 percent increase according to a Reuters poll of economists.
Further, monthly price declines in Chicago, New York and San Francisco have contributed to some of the reported softness in the 20-City Index. Affordability remains a key challenge, however, as home price appreciation continues to outpace wage growth.
Also, Portland, Seattle and Denver continue to see prices rise sharply. On a year-over-year basis, the three cities have reported nation-leading gains in each of the past six months.
