• The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 2.1% annual gain for August 2026, up from a 1.9% rise in the previous month.
• U.S. home values fell in real terms for the 15th consecutive month, as August's 3.4% inflation ran roughly 1.3 percentage points above the 2.1% home price gain.
• A nearly 9 percentage point gap separated August's strongest market (Chicago +6.7% YoY) and its weakest (Seattle -2.0% YoY), underscoring the strong regional divergence in home price trends.

NEW YORK, Oct. 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today released the August 2026 results for the S&P Cotality Case-Shiller Indices.

More than 27 years of history are available for the data series and can be accessed in full by going to www.spglobal.com/spdji/en/index-family/indicators/sp-Cotality-case-shiller.

Cotality continues to have transaction delays from the recording office in Wayne County, the most populous county in the Detroit metro area. These delays impacted the August transaction data and, therefore, no valid August 2026 update of the Detroit S&P Cotality Case-Shiller Index will be provided for the October 27, 2026, release date. There was, however, enough data to calculate a valid July 2026 update, which is provided in Tables 2 and 3.

S&P DJI will continue to provide updates to the Detroit index values for the month(s) with missing sale transactions data.

ANALYSIS

"U.S. home prices declined in real terms for the 15th consecutive month in August 2026, though the gap narrowed as nominal home price growth strengthened," said Rebecca Kaufman, Associate Director of Commodities at S&P Dow Jones Indices. "The S&P CoreLogic Case-Shiller National Home Price Index rose 2.1% year-over-year in August, up from 1.9% in July, while consumer prices increased 3.4% (the same year over year gain as in July 2026).

"Chicago led all metros for the sixth consecutive month, posting a 6.7% annual gain, followed by New York (6.2%) and Cleveland (4.3%). On the West coast, Seattle recorded the largest annual decline for the third consecutive month at 2.0%, followed by Las Vegas (-1.3%) and Denver (-0.8%).

"Seasonality continued to weigh on headline monthly results. On a non-seasonally adjusted basis, the U.S. National and 10-City Composite Indices fell 0.2% and 0.4%, respectively, while their seasonally adjusted counterparts rose 0.3% and 0.4%. The divergence suggests that the typical post-summer slowdown is obscuring some underlying strength in home prices.

"Affordability, however, remains challenging. With inflation at 3.4%, Brent crude near $100 per barrel and mortgage rates in the mid-to-high 6% range, households continue to face elevated costs alongside persistently high home prices."

YEAR-OVER-YEAR

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 2.1% annual gain for August. The 10-City Composite saw an annual increase of 3.6%, up from a 3.4% increase in the previous month. The 20-City Composite posted a year-over-year increase of 2.7%, up from a 2.5% rise in the previous month.

Chicago reported the highest annual gain among the 20 cities with a 6.7% increase in August, followed by New York and Cleveland with annual increases of 6.2% and 4.3%, respectively. Seattle posted the lowest return in August, falling 2.0%.

MONTH-OVER-MONTH

The pre-seasonally adjusted U.S. National Index posted a monthly decrease of 0.2%; while both the 10-City Composite and 20-City Composite Indices recorded a monthly decline of 0.4%.

After seasonal adjustment, the U.S. National, 10-City, and 20-City Composite Indices posted 0.3%, 0.4%, and 0.3% gains, respectively.

SUPPORTING DATA

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.

Table 2 below summarizes the results for August 2026. The S&P Cotality Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.

Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P Cotality Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500^® and the Dow Jones Industrial Average^®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji.

FOR MORE INFORMATION:

Lemuel Brewster
Americas Communications
(+1) 917 805 1089
lemuel.brewster@spglobal.com

S&P Dow Jones Indices' interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.indexologyblog.com, where feedback and commentary are welcomed and encouraged.

The S&P Cotality Case-Shiller Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P Cotality Case-Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P Cotality Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P Cotality Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between S&P Dow Jones Indices and Cotality, Inc.

The S&P Cotality Case-Shiller Indices are produced by Cotality, Inc. In addition to the S&P Cotality Case-Shiller Indices, Cotality also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by S&P Dow Jones Indices, represent just a small subset of the broader data available through Cotality.

Case-Shiller^® and Cotality^® are trademarks of Cotality Case-Shiller, LLC or its affiliates or subsidiaries ("Cotality") and have been licensed for use by S&P Dow Jones Indices. None of the financial products based on indices produced by Cotality or its predecessors in interest are sponsored, sold, or promoted by Cotality, and neither Cotality nor any of its affiliates, subsidiaries, or predecessors in interest makes any representation regarding the advisability of investing in such products.

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SOURCE S&P Dow Jones Indices