News

Home price growth is beginning to show signs of strain, recording the slowest annual gain since mortgage rates peaked in 2023. In August, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index recorded a 4.2% annual gain, down from 4.8% in July.

The 10-City Composite saw an annual increase of 6.0% in August, a decrease from 6.8% the previous month, while the 20-City Composite rose 5.2% year-over-year, down from 5.9% in July. Among the 20 cities, New York again posted the highest annual gain at 8.1%, followed by Las Vegas at 7.3% and Chicago at 7.2%. Denver had the lowest annual increase at 0.7%.

On a month-over-month basis, the U.S. National Index decreased 0.1% before seasonal adjustment but increased 0.3% after adjustment. The 20-City and 10-City Composites saw declines of 0.3% and 0.4%, respectively, pre-adjustment, while both posted gains of 0.4% and 0.3%, respectively, post-adjustment.

Despite the slowdown, home prices reached an all-time high for the 15th consecutive month after accounting for seasonality of home purchases. Regionally, all markets continue to remain positive, but only barely.