With yesterday morning's release of the June S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index saw a 0.45% increase month over month. The non-seasonally adjusted national index saw a 18% YoY increase.

Investing.com had forecast a 1.0% MoM seasonally adjusted increase and 19.5% YoY nonseasonally adjusted for the 20-city series.

Here is the analysis from today's Standard & Poor's press release:

NEW YORK, AUGUST 30, 2022: S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for June 2022 show that home prices continue to increase across the United States. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-decelerated-in-june/.

The chart below is an overlay of the Case-Shiller 10- and 20-City Composite Indexes along with the national index since 1987, the first year that the 10-City Composite was tracked. Note that the 20-City, which is probably the most closely watched of the three, dates from 2000. We've used the seasonally adjusted data for this illustration.

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This next chart shows the real-inflation adjusted indexes using the CPI owner's equivalent rent of residences.

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The next chart shows the year-over-year Case-Shiller series, again using the seasonally adjusted data.

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Here is the same year-over-year overlay adjusted for inflation with the Consumer Price Index owners' equivalent rent of residences.

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Here is a look at the seasonally and inflation-adjusted Case-Shiller price index from 1987, the first year that monthly data is available (note here we are using the regular CPI, which is indexed to 1982, not 2000).

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To get an even better idea of the trend in housing prices over long time periods, we compare the change in the seasonally-adjusted Case-Shiller Home Price Index and the Consumer Price Index.

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