S&P CoreLogic Case-Shiller: US home prices rise 3.9% in July

U.S. home prices rose at a faster pace in July as the housing market continued to show strength during the coronavirus outbreak

U.S. home prices rose at a faster pace in July as the housing market continued to show strength in the midst of the coronavirus outbreak.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 3.9% in July from a year earlier, up from a 3.5% annual gain in June.

The 20-city index excluded prices from the Detroit metropolitan area index because of delays related to pandemic at the recording office in Wayne County, which includes Detroit.

Phoenix (up 9.2%), Seattle (7%) and Charlotte, North Carolina (6%), reported the biggest year-over-year gains. Sixteen of the 19 cities saw prices rise at a faster pace than they did in June.

Helped by rock-bottom mortgage rates, the U.S. housing market has largely withstood the economic fallout from the COVID-19 outbreak.