The numbers: The S&P/Case-Shiller national index rose a seasonally adjusted 0.3% and was up 6.2% for the year in June. The 20-city index rose a seasonally adjusted 0.1% and was up 6.3% compared with a year ago.
What happened: Economists and housing watchers have said for years that prices couldn’t continue growing as fast as they were. The market finally got the message. For now, price-growth is decelerating, prices are not declining: the national index’s 6.2% annual gain was down from 6.4% in the three-month period ending in May. The 20-city’s annual gain was also down two ticks, from 6.5%. That’s still double the rate of inflation and wage gains, but it’s a step in the right direction for bringing the market back in reach of more buyers.
Big picture: The West is still the best, and Las Vegas is the one to beat. After years of Seattle charting the strongest price growth, Vegas led the way in June, followed by Seattle and San Francisco. New York, which has been slammed by recent tax-law changes, was the only metro to chart a monthly decline. But its 3.8% annual gain wasn’t the lowest: Washington, D.C., prices rose only 2.9% for the year.
Six of the 20 cities had greater price increases in the year ending in June versus May.