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9/27, 3:01 PM (Source: TeleTrader)
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US home prices up 15.8% in July - S&P/Case-Shiller

Home prices in all nine United States census divisions increased 15.8% in July year over year, the S&P CoreLogic Case-Shiller revealed in its report on Tuesday. The figure marks a significant decrease from June's reading of 18.1%.

The 10-City Composite recorded an annual growth of 14.9% in July, which is 2.5 percentage points lower than the June figure. The 20-City Composite gained 16.1% on a yearly basis, down by 2.6 percentage points compared to the previous month's reading. The highest price increases were recorded in Tampa, Miami, and Dallas.

"Although US housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration," Craig J. Lazzara, Managing Director at S&P DJI, commented. Lazzara further noted that "as the Federal Reserve continues to move interest rates upward, mortgage financing has become more expensive, a process that continues to this day. Given the prospects for a more challenging macroeconomic environment, home prices may well continue to decelerate."

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