The latest S&P / Case-Shiller® Home Price Index® numbers were published on July 26.

The new report covers home sales during the period March to May 2022. So they do not reflect sales closed since June 1, 2022, nor the price weakness we have experienced over the past month.

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

1. Miami +2.88%
2. Tampa +2.80%
3. Dallas +2.55%
4. Phoenix +2.48%
5. Charlotte +2.29%
6. Atlanta +2.21%
7. Las Vegas +2.12%
8. Boston +1.90%
9. Cleveland +1.88%
10. Chicago +1.83%
11. New York +1.65%
12. Detroit +1.60%
13. Minneapolis +1.34%
14. Washington +1.09%
15. Denver +1.08%
16. Los Angeles +1.05%
17. San Francisco +0.93%
18. Portland +0.91%
19. San Diego +0.55%
20. Seattle +0.55%

Phoenix has moved up from 7th to 4th place and remains well above the national average, which was 1.50%. The national average remains high, but down from 2.08% last month.

There is little obvious bad news in the above numbers, but we can be confident it is coming later in the year. The west coast has weakened significantly since last month.

Comparing year of year, we see the following changes:

1. Tampa +36.1%
2. Miami +34.0%
3. Dallas +30.8%
4. Phoenix +29.7%
5. Las Vegas +27.4%
6. Charlotte +26.4%
7. Atlanta +26.3%
8. San Diego +25.6%
9. Seattle +23.4%
10. Denver +22.2%
11. Los Angeles +22.1%
12. San Francisco +20.9%
13. Portland +17.4%
14. Boston +15.7%
15. Detroit +15.0%
16. New York +14.5%
17. Cleveland +14.3%
18. Chicago +12.9%
19. Washington +12.2%
20. Minneapolis +11.5%

The national average was +19.7%. As we predicted last month, Dallas has overtaken Phoenix and pushed it into 4th place.

Market incites provided by the Cromford report.