US Home Prices Decline for Fourth Consecutive Month in June
Home prices in the 20 largest cities in the United States dropped for the fourth straight month in June, according to the latest data from S&P CoreLogic’s Case-Shiller report. The 0.25% month-over-month decrease exceeded expectations and pulled year-over-year price growth down to +2.15% – the lowest since July 2023.
San Francisco, Los Angeles, and Washington D.C. were the main contributors to the monthly price decline, while New York and Chicago saw increases. Despite this downward trend, the recent decrease in mortgage rates may help alleviate some pressure on prices.
Furthermore, there seems to be a close correlation between home price appreciation and bank reserves at the Federal Reserve, suggesting that prices could potentially rebound in the future.
The decline in home prices could have a significant impact on PCE/CPI calculations for Shelter costs, potentially offsetting concerns related to tariffs. With interest rates already slashed by 100 basis points, the question arises whether the Federal Reserve intended for home prices to start declining with such a delay.
By Tyler Durden, Tue, 08/26/2025 – 09:12