What did the Case-Shiller home price index show for July?

Suburban home in Indianapolis | mortgage rate news

U.S. Home prices rose 0.1% year-over-year

The S&P CoreLogic Case-Shiller 20-city home price index rose 0.9% in July 2023 when compared to the previous month. It also showed a 0.1% price increase when comparing July 2023 to July 2022.

The Midwest showed the strongest gains with Chicago leading the way. The Windy City showed a +4.4% change from last year.

New York and Cleveland were also up year-over-year.  The Big Apple showed a 3.8% increase in home prices from last year, while Cleveland showed a 4.0% change.

Las Vegas and Phoenix showed signs of cooling off. Home prices in Las Vegas were down 7.2% from last year, while Phoenix was down 6.6% over the same time period. San Francisco was down 6.2% and Seattle was down 5.5%.

Florida overtakes New York as the 2nd most valuable market

According to a recent survey, the state of Florida has surpassed New York as the second most valuable housing market in the U.S. Florida has seen its residential properties soar by $160 billion in value since the height of the pandemic. The price tag for the entire state of Florida? Only $3.8 trillion. New York is currently valued at $3.69 trillion.

California still holds the top spot and is valued at $10.175 trillion in property value.  

How hot is the Indianapolis housing market?

Based on recent data, the Indianapolis metro area has one of the hottest housing markets in the country right now. 58.7% of homes in the Indianapolis area in July 2023 were sold in two weeks or less.

The national average was about 41% of listings marked pending, contingent or sold within that window, so Indianapolis was hotter than average.

When comparing city-by-city data, Indianapolis homes sold at the third fastest pace in the country with only Cincinnati and Seattle outpacing the Hoosier City.

Statewide, homes in Indiana are averaging only nine days on market in August 2023. That’s actually a slightly slower pace than in June or July, but still near historic highs.

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