Home Price Chill
The S&P CoreLogic Case-Shiller Home Price Index grew six percent annually in July, ticking down from June's 6.2 percent annual growth.
In the 20-city index, home prices gained 5.9 percent on an annual basis in July, less than June's annual growth of 6.4 percent. The 10-city index cooled as well, with 5.5 percent YoY growth in July versus six percent annual growth in June, per Zillow. Las Vegas, Seattle, and San Francisco were the only cities to have more than 10 percent annual growth, registering between 10.8 and 13.7 percent, with the most growth in Las Vegas.
Rent growth also has cooled considerably, which means some renters may feel less pressure to become homeowners in order to stabilize their monthly costs, which may lessen competition among buyers currently on the market. Seasons, just like the housing market, change slowly as environmental conditions shift. Winter in the housing market is certainly not here yet, but it’s increasingly clear that the end of the hot season is rapidly approaching.
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