US home prices annually rise 1% in July

By Ovunc Kutlu

ISTANBUL (AA) - US home prices increased 1% in July on an annual basis, according to a report released on Tuesday by the S&P Dow Jones Indices (S&P DJI).

The S&P CoreLogic Case-Shiller index, which covers all nine US census divisions, posted a 0.6% monthly increase in July.

"Chicago, Cleveland, and New York led the way for the third consecutive month reporting the highest year-over-year gains among the 20 cities in July," S&P DJI said in the report.

While Chicago remained on the top with a 4.4% year-on-year price increase, it was followed by Cleveland with a 4% gain, and New York with a rise of 3.8%.

"For this month, 8 of 20 cities reported lower prices and 12 of 20 reported higher prices in the year ending July 2023 versus the year ending June 2023," the report said. "18 out of the 20 cities, show a positive trend in price acceleration compared to their prior month."