The S&P Cotality Case-Shiller 20-City Home Price Index rose 2.5% year-on-year in July 2026, the strongest increase since May 2025 and above expectations of 2.2%. However, after adjusting for inflation, home prices declined for a 14th consecutive month, with 3.4% inflation outpacing nominal price growth. Chicago led the major metros for a fifth straight month, with prices up 6.9% year-on-year, followed by New York (+5.8%) and Cleveland (+4.2%). Seattle recorded the largest decline for a second consecutive month, at -1.6%, followed by Las Vegas (-1.3%) and Denver (-1.1%). Rebecca Kaufman, Associate Director of Commodities at S&P Dow Jones Indices, noted that the long-standing East-West divide persisted, with six of eight Eastern metros recording stronger annual gains than in June, compared with just two of eight Western markets. On a monthly basis, home prices were unchanged in July after a 0.4% increase in June.