Home price gains have been shrinking since March 2018, but now signs point to reheating in the housing market.

The much-watched S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 3.2% annually in July, the same gain reported in June. Prices are still cooling in the largest cities, however. The 10-City Composite rose 1.6% annually, down from 1.9% in the previous month. The 20-City Composite posted a 2.0% annual gain, down from 2.2% in June.

The hottest cities for home price appreciation were Phoenix, Las Vegas and Charlotte, North Carolina. Home prices in Phoenix rose 5.8% year over year. In Las Vegas, they were up 4.7%, and Charlotte saw a 4.6% increase. Seven of the 20 cities reported greater price increases in the year ending July 2019 versus the year ending June 2019.