Home price growth slowed for the month of August, though year-over-year rates are still at an all-time high, Realtor.com reports.
Monthly gains may be decelerating, but consistent demand pressures continue to drive up prices for homebuyers, particularly with a new construction deficit leaving few options on the market.
The latest edition of the S&P CoreLogic Case-Shiller Home Price Index showed that home prices increased nationally 19.8% from a year ago in August, roughly in line with the previous month’s increase. The separate 20-city index, which measures price appreciation among a group of major metropolitan areas across the country, notched a 19.7% year-over-year gain, down from a revised 20% annual gain the month before.
“Annual house price gains remained extremely high in August but the pace of month-over-month gains continues to decelerate,” Lynn Fisher, the deputy director of the division of research and statistics at the FHFA, said in the report. “This does not mean house prices are at risk of declining—far from it, they continue to climb at a double-digit pace in all regions—but it does suggest we may have seen the peak in annual gains for the time being.”
Advertisement
Related Stories
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Sustainability
Mention of Eco-Friendly Home Features Is on the Rise in Sales Listings
Home listing descriptions using eco-friendly terms have been rising over the past five years in line with growing consumer interest in the environment and energy efficiency
