U.S. home prices are still rising, but the pace of growth continues to slow, according to the S&P CoreLogic Case-Shiller national home price index (not seasonally adjusted) for August that was released Tuesday. The year-over-year increase of 3.2% was 0.1 percentage points above the July increase.
Home prices jumped by 6.3% year over year in Phoenix, the largest increase by far among those in the index’s 20-city composite group. Prices rose 4.5% in Charlotte and 4.3% in Tampa. San Francisco was the only one of the 20 cities to post a year-over-year price decline, and that was just 0.1 percentage points.
On a non-seasonally adjusted (NSA) basis, the national index rose by 0.2%, while the 10-city and 20-city indexes were flat month over month. Seasonally adjusted, the 20-city index rose by 2% and the 10-city index rose by 1.5%. The consensus economists’ estimate called for the 20-city average home price to rise by 2.5% year over year unadjusted and to fall by 0.1% month over month adjusted.
Among all U.S. cities included in the August 20-city home price index, 15 posted NSA month-over-month price increases. Only San Francisco (down 0.5%), New York (down 0.4%), Seattle (down 0.3%), San Diego (down 0.2%) and Denver (down 0.2%) posted declines.
Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices, said, “The U.S. National Home Price NSA Index trend remained intact with a year-over-year price change of 3.2%. However, a shift in regional leadership may be underway beneath the headline national index. Phoenix saw an increase in its YOY price change to 6.3% and retained its leading position. However, Las Vegas dropped from number two to number eight among the cities of the 20-City Composite, falling from a 4.7% YOY change in July to only 3.3% in August. Meanwhile, the Southeast region included three of the top four cities. Charlotte, Tampa, and Atlanta all recorded solid YOY performance with price changes of 4.5%, 4.3%, and 4.0%, respectively. In the Northwest, Seattle’s YOY change turned positive (0.7%) after three consecutive months of negative YOY price changes.”
Mortgage loan rates increased slightly to 3.86% Tuesday morning, according to Mortgage News Daily.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.