New York, September 29 (Reuters/ PRNewswire ) – The S&P Dow Jones Index (S& P DJI ) released the results for the S&P Cotality Case - Shiller index for July 2026 today.
This data series has a history of over 27 years, and the complete data can be viewed at www.spglobal.com / spdji / en / index-family / indicators / sp-Cotality-case-shiller.
Due to transaction data delays still existing in the recording offices of Wayne County, which has the largest population in the Detroit metropolitan area and is identified by Cotality, these delays affected the transaction data for July. As a result, the effective update for July 2026 of the Detroit S&P Cotality Case - Shiller index will not be provided in the release on September 29, 2026. However, the data is sufficient to calculate the effective update for June 2026, and the relevant information can be found in Tables 2 and 3.
S&P Dow Jones Index will continue to update the Detroit index values for months lacking sales transaction data.
Analysis
VP of Commodity Indexes at S&P Dow Jones, Rebecca Kaufman, stated that although housing prices continued to fall in real terms in July 2026, marking the 14th consecutive month of decline, lower inflation and stronger nominal increases in housing prices narrowed this gap. She said that in July 2026, the S&P CoreLogic Case - Shiller National Housing Price Index rose 1.9% year-on-year, higher than the 1.6% in June. During the same period, consumer prices rose 3.4% year-on-year, slightly lower than the 3.5% in June.
According to Kaufman, Chicago led all metropolitan areas in growth for the fifth consecutive month, with a year-on-year increase of 6.9% in July, followed by New York with 5.8% and Cleveland with 4.2%. Meanwhile, Seattle recorded the largest year-on-year decline for the second consecutive month, with a decrease of 1.6%, followed by Las Vegas at 1.3% and Denver at 1.1%.
She stated that the long-standing coastal divide continues to persist, with 6 out of the 8 metropolitan areas in the east experiencing higher year-on-year changes in July compared to June, whereas only 2 of the 8 metropolitan areas in the west exhibited this trend.
She also mentioned that, in contrast to the typical seasonal patterns, the monthly increases in the unseasonally adjusted national and 20-city composite indices were lower than those after seasonal adjustment. Unadjusted, the national and 10-city composite indices in the United States rose by 0.12% and 0.03% respectively. After seasonal adjustment, these figures increased by 0.3% and 0.4% respectively. This indicates that seasonal factors had a significant impact on housing prices in July.
Although inflation remains high at 3.4%, a large portion of this increase is concentrated in energy costs, with prices for energy and gasoline rising by 14.7% and 24.6% respectively. In contrast, core inflation excluding food and energy has only increased by 2.5% year-on-year. She concluded that this difference is significant because persistent inflation in housing and other core categories often has a more direct impact on housing affordability than price fluctuations driven by energy.
Year-on-year
The S&P Cotality Case - Shiller National U.S. Housing Price NSA index, which covers all nine census districts in the United States, rose by 1.9% year-on-year in July. The composite index for 10 cities rose by 3.4% year-on-year, higher than the 3.0% of the previous month; the composite index for 20 cities rose by 2.5% year-on-year, also higher than the 2.2% of the previous month.
Among the 20 cities, Chicago had the highest year-on-year increase in July, with a rise of 6.9%; New York and Cleveland saw increases of 5.8% and 4.2% respectively. Seattle had the weakest performance in July, with a decline of 1.6%.
Month-on-month comparison
The seasonally unadjusted national and 10-city composite indices in the United States rose by 0.12% and 0.03% respectively on a month-on-month basis; however, the 20-city composite index fell by 0.01% on a month-on-month basis.
After seasonal adjustment, the national, 10-city, and 20-city composite indices in the United States rose by 0.3%, 0.4%, and 0.3% respectively.
Supported data
Table 1 below shows the peak and trough values of three composite indices during housing boom/bust cycles, as well as the current levels and the percentage changes compared to these peak and trough values.
Table 2 below summarizes the results for July 2026. With the arrival of new source data, the S&P Cotality Case - Shiller index may revise the data for the past 24 months.
Table 3 below presents a summary of monthly changes calculated using both seasonally adjusted ( SA ) and unseasonally adjusted ( NSA ) data. Since its inception in early 2006, the S&P Cotality Case - Shiller index has been published, and its unseasonally adjusted data has been tracked and reported by the market for use in the Headline Index. For analytical purposes, S&P Dow Jones Indices also publishes a set of seasonally adjusted data, which covers the Headline Index, as well as 20 markets with 17 segmented price indices and 5 apartment markets.
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More information:
Lemuel Brewster
Americas Communications Department(+1) 917 805 1089[ email protected ]The interactive blog of the S&P Dow Jones Index, IndexologyBlog.com, provides real-time commentary and analysis from experts in various global industries at S&P, covering a wide range of topics that affect residential housing prices, residential construction, and mortgage financing in the United States. Readers and viewers can visit www.indexologyblog.com. Feedback and comments are welcome.
The S&P Cotality Case - Shiller index is released on the last Tuesday of each month at 9:00 a.m. (Eastern Time). This index is designed to accurately track the price trends of typical single-family homes in various metropolitan areas. Each index is compiled by combining thousands of matched price pairs of single-family residences based on available independent transaction data. The S&P Cotality Case - Shiller U.S. National Home Price Index tracks the value of single-family homes across the United States and is composed of home price indices from nine different census districts in the country, calculated quarterly. The S&P Cotality Case - Shiller 10-Cities Composite Home Price Index is a value-weighted average of the first 10 metropolitan area indices; the 20-Cities Composite Home Price Index is a value-weighted average of the 20 metropolitan area indices. The index uses January 2000 as a base period of 100; therefore, if the current index value is 150, it indicates that the value of typical homes in that market has increased by 50% since January 2000.
These indices are generated and published based on the agreements between the S&P Dow Jones Index and Cotality, Inc.
The S&P Cotality Case - Shiller indices are compiled by Cotality, Inc. In addition to the S&P Cotality Case - Shiller indices, Cotality also provides a collection of housing price indices covering thousands of postal codes, counties, metropolitan areas, and state markets. These indices, released by S&P Dow Jones Indices, represent only a small portion of the broader data that Cotality can provide.
Case-Shiller ® and Cotality ® are trademarks of Cotality Case - Shiller, LLC or its affiliated companies or subsidiaries (“Cotality”), and have been authorized for use by the S&P Dow Jones Indices. No financial products based on indices compiled by Cotality or its predecessors have received sponsorship, sales, or promotion from Cotality. Furthermore, Cotality and any of its affiliated companies, subsidiaries, or predecessors make no representations regarding the suitability of investing in such products.
