S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, rose 3.8 percent y-o-y in July, following an unrevised 3.5 percent y-o-y increase in June.

Economists had expected an advance of 3.8 percent y-o-y.

Phoenix (+9.2 percent y-o-y), Seattle (+7.0 percent y-o-y) and Charlotte (+6.0 percent y-o-y) recorded the highest y-o-y advances among the 19 cities (excluding Detroit) in July. Sixteen of the 19 cities reported greater price gains in the year ending July versus the year ending June.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, rose 4.8 percent y-o-y in July, following a 4.3 percent y-o-y increase in the previous month.

“Housing prices rose in July,” noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “In previous months, we’ve noted that a trend of accelerating increases in the National Composite Index began in August 2019. That trend was interrupted in May and June, as price gains decelerated modestly, but now may have resumed. Obviously more data will be required before we can say with confidence that any COVID-related deceleration is behind us.”