U.S. home price growth accelerates to 2.1% in August despite monthly dip

The S&P Cotality Case-Shiller Home Price Index, formerly known as the S&P CoreLogic Case-Shiller Home Price Index, is a leading measure of U.S. residential real estate prices.

IRVINE, Calif., October 27, 2026 - U.S. home prices rose 2.1% year over year in August, up from 1.9% in July. The 10-City and 20-City Composite indices increased 3.6% and 2.7%, respectively, continuing to outpace the national index.

‍

Annual price appreciation increases to 2.1% in August

Datasource: S&P Cotality Case-Shiller Indices, not seasonally adjusted (October 27, 2026)

‍

Monthly growth dips to -0.2% in August as momentum weakens

Datasource: S&P Cotality Case-Shiller Indices, not seasonally adjusted (October 27, 2026)

‍

"In August, home prices rose 2.1% year-over-year but fell 0.2% from the previous month," said Thomas Malone, principal economist at Cotality. "When adjusted for inflation, home prices have been mostly flat since 2022, and sales turnover remains at lows last seen during the Great Recession. Part of this stems from seller lock-in-with record equity and low mortgage rates, homeowners have little incentive to move unless they receive an exceptional offer. It also reflects weak underlying demand. After more than three years of slow sales, today's activity may be the new normal rather than a temporary dip."

Home price highlights:

• Annual appreciation strengthened: National home prices grew 2.1% year-over-year in August, up from 1.9% in July. The 10-City and 20-City Composites posted stronger gains at 3.6% and 2.7%.
• Monthly prices slipped below seasonal norms: Monthly prices dropped 0.2% in August, following a modest 0.1% increase in July and falling short of the usual pre-pandemic August gain of 0.3%. This points to persistent short-term weakness, even as annual growth remains strong.
• Annual growth accelerated in most major metros: Twelve out of 20 metros recorded stronger year-over-year gains, led by Chicago (6.7%), New York (6.2%), and Cleveland (4.3%). Seattle saw the largest decline at -2.0%.
• Monthly changes showed widespread softness: Few metros saw monthly price gains, with only Miami (+0.2%) and Chicago (+0.1%) in positive territory. The rest experienced declines, led by Seattle's drop of -1.1%.
• Price-tier performance weakened across the board: Across 16 metros, higher-priced homes had the steepest declines: low-priced homes fell 0.2%, middle tiers 0.3%, and high tiers 0.4%. Chicago posted gains across all price levels, while San Francisco declined in every category.

‍

Midwest and Northeast sustain strong annual price gains into August

Datasource: S&P Cotality Case-Shiller Indices, not seasonally adjusted (October 27, 2026)

‍

Monthly price growth falls well short of historical August norms

Datasource: S&P Cotality Case-Shiller Indices, not seasonally adjusted (October 27, 2026)

‍

August's results highlight a clear divide between resilient annual growth and fading monthly momentum. Solid year-over-year gains in Chicago, New York, Cleveland, and Miami contrast sharply with persistent annual declines across Western and Southern markets, including Seattle, Las Vegas, Dallas, Denver, and Tampa. While annual appreciation is largely keeping pace with inflation, widespread monthly dips and rising interest rates indicate the late-summer slowdown is taking hold-likely extending modest price declines through the fall and winter, mirroring trends from the past two years.

‍

Price-tier performance weakens across the board in August

Datasource: S&P Cotality Case-Shiller Indices, not seasonally adjusted (October 27, 2026)

‍

About Cotality

Cotality accelerates data, insights, and workflows across the property ecosystem to enable industry professionals to surpass their ambitions and impact society. With billions of data signals across the life cycle of a property, we unearth hidden risks and transformative opportunities for agents, lenders, carriers, and innovators. Get to know us at cotality.com.

‍

Media Contacts

Charity Head

[email protected]