Home price appreciation continued to cool in September though growth remained elevated from a year earlier, according to new data. The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate, posting a 10.6% annual gain in August, down from 12.9% in the previous month. Craig J. Lazzara, Managing Director at S&P DJI, said all three composites are above their historical medians but peaked about six months ago. “As has been the case for the past several months, our September 2022 report reflects short-term declines and medium-term deceleration in housing prices across the U.S.,” he said. “As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable. Given the…
Home price appreciation continued to cool in August though growth remained elevated from a year earlier, according to new data. The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate, posting a 13% annual gain in August, down from 15.6% in the previous month. This is the largest monthly deceleration in the history of the index, pushing July’s record to second place. Craig J. Lazzara, Managing Director at S&P DJI, called current trends a “forceful deceleration” of home prices. “These data show clearly that the growth rate of housing prices peaked in the spring of 2022 and has been declining ever since,” he said. “As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive…
Home price appreciation cooled in July though growth remained elevated from a year earlier, according to new data. The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate, posting a 15.8% annual gain in July, down from 18.1% in the previous month. This is the largest monthly deceleration in the history of the index. “Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” said Craig J. Lazzara, Managing Director at S&P DJI. The 10-City Composite reported a 14.9% increase YOY, down from 17.4% in June, while the 20-City Composite rose by 16.1% YOY, down from 18.7%. July’s gains were less than June’s for each of the 20 cities analyzed. Tampa…
