Home price growth peaked in the spring of 2022 and declined ever since then, according to the S&P Corelogic Case-Shiller Home Price Index. On a M/M basis, home prices fell in August for a second straight month.
- HPI Composite: - 20 (S.A.) -1.3% M/M vs. -0.5% consensus and -0.4% prior.
- HPI Composite: - 20 (N.S.A.) -1.6% M/M vs. -0.7% consensus and -0.8% prior.
- HPI Composite: - 20 (N.S.A.) +13.1% Y/Y vs. +14.4% consensus and and +16.1% prior.
Still, housing prices in August remained well above year-ago levels in all 20 cities. Miami (+28.6%) and Tampa (+28.0%) hold the two cities with the biggest Y/Y increases. Charlotte was in third place with 21.3% Y/Y increase.
"Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate," Lazzara said.
Previously (Oct. 20), September Existing Home Sales slumped for the eighth straight month