Two home-price reports released September 29 show national prices rising in July 2026, with results that differ by dataset and geography. FHFA reported a 2.6% annual gain and a seasonally adjusted 0.3% monthly gain. S&P Cotality Case-Shiller reported a 1.9% annual rise in its national non-seasonally-adjusted index and a 0.3% seasonally adjusted monthly rise.
The difference is not a reason to average the two annual numbers. FHFA's flagship purchase-only index uses data from Fannie Mae and Freddie Mac, while Case-Shiller uses matched sales pairs for typical single-family homes. Coverage and construction differ. Both report historical July transactions, not September asking prices or a promise about the next sale.
Case-Shiller's reported metro figures ranged from Chicago, up 6.9% over a year, to Seattle, down 1.6%. New York rose 5.8% and Cleveland 4.2%; Las Vegas fell 1.3% and Denver 1.1%. These are index changes for metropolitan areas, not medians for houses in city limits.
FHFA's census divisions tell a related but separate story. Its Middle Atlantic division rose 6.3% over a year, while the Mountain division rose 0.6%. On a seasonally adjusted monthly basis, those divisions changed by 1.5% and minus 0.8% respectively. A census division should not be treated as interchangeable with a Case-Shiller metro.
Case-Shiller also flags a data gap: delayed transactions from Wayne County meant it could not publish a valid July update for Detroit. Its available June update should not be silently ranked against July changes elsewhere. Buyers and sellers should use recent comparable sales and property-specific costs alongside these indexes, not substitute a national percentage for a local valuation.