The S&P/Case-Shiller and the Federal Housing Finance Agency (FHFA) released their home price indices for July 2018. National home prices rose at the slowest annual growth rate since June 2014. Moreover, seven metro areas experienced home price declines in July.

The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 1.9% in July. It was the lowest seasonally adjusted annual growth rate since June 2014. The Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 2.7% in April, slower than the 3.7% increase in June, confirming the deceleration in home prices for this month.

Figure 2 shows the annual growth rate of home prices for 20 major U.S. metropolitan areas.

Among the 20 metro areas, Las Vegas, San Francisco and Cleveland had the highest home price appreciation. Las Vegas led the way with 14.6%, followed by San Francisco with 11.4% and Cleveland with a 9.3% increase. Eleven out of the 20 metro areas had higher home price appreciation than the national level of 1.9%. In July, thirteen metro areas had positive home price appreciation while seven metro areas had negative home price appreciation, including San Diego (-0.2%), Detroit (-0.2%), Los Angeles (-0.5%), Dallas (-1.6%), Chicago (-1.8%), Boston (-2.4%) and New York (-5.5%).

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