National home prices jumped 1.9% in July. That marks the fifth straight month of gains. But here's what the headlines aren't telling you: real home values actually dropped for the 14th month in a row when adjusted for inflation.
Chicago led the nation with 6.9% growth. New York posted 5.8%. Cleveland saw 4.2%. Meanwhile, Seattle fell 1.6%, Las Vegas dropped 1.3%, and Denver lost 1.1%.
Mortgage rates are hovering at 7% right now. Economists are warning this price growth streak may be impossible to sustain at these financing costs. The forecast shows rates could ease to mid 6% by 2027. But we might not see 5% again until 2029.
Seasonal factors already weighed heavily on July prices according to the latest Case Shiller data. The Phoenix Valley has its own story playing out right now that national data doesn't capture.
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