Home prices rose 13.0% year-over-year in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, down from a 15.6% annual gain recorded in July. “The -2.6% difference between those two monthly rates of change is the largest deceleration in the history of the index, with July’s deceleration now ranking as the second largest,” S&P Spokesperson Craig Lazzara said in a statement.
Home prices rose 13.0% year-over-year in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, down from a 15.6% annual gain recorded in July. “The -2.6% difference between those two monthly rates of change is the largest deceleration in the history of the index, with July’s deceleration now ranking as the second largest,” S&P Spokesperson Craig Lazzara said in a statement.
The 10-City Composite annual increase was 12.1% (down from July’s 14.9%), and the 20-City Composite annual increase was 13.1% (down from 16.0%).
“As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive and housing becomes less affordable,” Lazzara added. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate.”
Cities recording the highest year-over-year gains included Miami (28.6%), Tampa (28.0%) and Charlotte (21.3%).
The full report can be found here.
