US home prices continued to grow in August, but the pace of growth slowed considerably as rising mortgage rates pushed more prospective buyers out of the market
Home prices rose 13% in August from the year before, a smaller jump than the 15.6% growth seen in July and 18.1% pace in June, according to the S&P CoreLogic Case-Shiller US National Home Price Index. The drop between July and August was the largest deceleration in the history of the index going back to 1987, surpassing the previous record a month prior.
3% in August from the month before, followed by Seattle and San Diego . A separate report from the Federal Housing Finance Agency also released Tuesday showed a similar trajectory in home prices in August. The FHFA House Price index, which measures changes in single-family home values, reported that home prices rose 11.9% year-over-year in August, and fell 0.7% from the previous month. In July, the index showed the first monthly decline in home prices since May 2020, the agency said.
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