The next Case-Shiller home price index report is due Tuesday, October 27, and it will cover August. S&P Dow Jones Indices publishes the data on the last Tuesday of each month at 9:00 a.m. Eastern, according to its July 2026 release. Here is what the last report showed, and what to look for.
Key numbers from the July report
| Index | Annual gain in July | June reading |
|---|---|---|
| National | 1.9% | 1.6% |
| 20-city composite | 2.5% | 2.2% |
| 10-city composite | 3.4% | 3.0% |
What the Case-Shiller home price index showed in July
The national index rose 1.9% from a year earlier. The 20-city composite rose 2.5%, and the 10-city composite rose 3.4%. All three annual gains were faster than in June.
Chicago led the 20 cities with a gain of 6.9% over 12 months. New York followed at 5.8%, and Cleveland was third at 4.2%. Three cities saw prices fall. Seattle dropped 1.6%, Las Vegas 1.3% and Denver 1.1%.
Of the 19 metro areas with a valid July figure, 13 rose from a year earlier and 6 fell. Detroit had no July figure because of delays in recording transactions in Wayne County.
Monthly moves were small
Month to month, the Case-Shiller home price index was flatter. Before seasonal adjustment, the national index rose 0.12% in July. The 10-city index rose 0.03%, and the 20-city index slipped 0.01%. On that basis, 7 cities rose in the month and 12 fell.
After seasonal adjustment, the national and 20-city indexes each rose about 0.3%. The 10-city index rose about 0.4%. Seasonal adjustment removes the usual summer and winter swings so months can be compared.
Prices are falling after inflation
Rebecca Kaufman, an associate director at S&P Dow Jones Indices, said home prices fell in real terms for the 14th straight month in July. Real terms means after inflation. She noted that energy drove much of the 3.4% inflation rate, while core inflation was 2.5%. She also pointed to a continuing East-West divide in price trends.
Kaufman also said shelter inflation affects affordability more directly than the overall rate. She added that seasonal factors weighed on July prices. Both points help explain why a rising annual gain can sit next to flat monthly readings.
The gap matters for buyers. A home can cost slightly more in dollars and still cost less compared with what wages and other prices have done.
How the index is built
The Case-Shiller home price index tracks repeat sales of the same homes over time. That method compares a house with its own earlier sale price, which keeps new construction and larger homes from skewing the average. The national index covers the whole country. The 10-city and 20-city composites cover large metro areas.
What to watch in the August report
The August report will show whether annual gains keep rising. Economists will check the same three points as in July. They will look at the national annual rate, the spread between the 10-city and 20-city indexes, and how many cities show falling prices.
The index reports prices with a lag. It uses a three-month moving average, so the August figure reflects sales closed in June, July and August. That means it will not show the latest mortgage costs or shifts in buyer demand. For those, see the Jolt Journal’s report on pending home sales falling to a record low. Its coverage of mortgage rates at 7.4% explains the financing side.
Readers should treat the Case-Shiller home price index as a trailing measure. It describes where prices went, not where they are headed. The August data will be one more point in a trend that, so far, shows slow nominal gains and falling real prices.
