US home prices are still rising — just not where it counts
The National Association of Home Builders (NAHB) estimates the national housing shortfall at approximately 1.2 million units.
Higher Treasury yields are pushing mortgage rates higher, but Kristin O’Neil of Open Door Lending says many buyers are choosing to move forward as home prices and tight inventory continue to pressure affordability.https://t.co/Xdsj29b3e5
— Mortgage Professional America Magazine (@MPAMagazineUS) July 24, 2026
Regional gaps widen
Monthly price movements among the nine census divisions ranged from a 1.4% increase in the East South Central division — covering Alabama, Kentucky, Mississippi, and Tennessee — to a 0.6% decline in the Pacific division, according to the FHFA.
On a year-over-year basis, the Middle Atlantic division led all regions with a 4.5% gain, while the Pacific was the only division to record an annual decline, at -0.3%.
Separately, the S&P Corelogic Case-Shiller US National Home Price Index showed a 1.1% year-over-year gain for May 2026, with the 10-City and 20-City Composites posting annual increases of 2.4% and 1.6%, respectively.
At the metro level, Chicago extended its run at the top of the index for a third consecutive month with a 6.9% annual gain.
