The latest S&P / Case-Shiller® Home Price Index® numbers were published on August 30.

The new report covers home sales during the period April to June 2022. This means they are just starting to reflect some of the weakening in the market, but because they do not include any sales closed after July 1, 2022, most of the price weakness we have experienced over the past two months is yet to appear.

Comparing with the previous month's series we see the following changes:

1. Miami +2.34%
2. Tampa +2.16%
3. Charlotte +1.76%
4. Chicago +1.76%
5. Las Vegas +1.48%
6. Atlanta +1.31%
7. Cleveland +1.24%
8. New York +1.07%
9. Phoenix +1.04%
10. Dallas +1.02%
11. Detroit +0.87%
12. Minneapolis +0.72%
13. Boston +0.62%
14. Washington +0.01%
15. Denver -0.08%
16. Portland -0.08%
17. Los Angeles -0.35%
18. San Diego -0.66%
19. San Francisco -1.32%
20. Seattle -1.89%

Phoenix has moved down from 4th to 9th place but remains well above the national average, which was +0.59%.

Six of the 20 cities saw month to month declines in their index, with the west coast being badly affected.

Comparing year over year, we see the following changes:

1. Tampa +35.0%
2. Miami +33.0%
3. Dallas +28.2%
4. Phoenix +26.6%
5. Charlotte +25.5%
6. Las Vegas +25.1%
7. Atlanta +24.8%
8. San Diego +21.6%
9. Los Angeles +19.3%
10. Denver +19.3%
11. Seattle +19.2%
12. San Francisco +16.1%
13. Boston +14.9%
14. Portland +14.7%
15. New York +14.6%
16. Detroit +13.2%
17. Chicago +13.1%
18. Cleveland +12.8%
19. Washington +10.8%
20. Minneapolis +10.4%

Phoenix is in 4th place and far exceeded the national average of 17.6%.

Market insights provided by The Cromford Report.