U.S. home price growth accelerates to 2.1% in August, CoreLogic says
SPY•U.S. home prices rose 2.1% year over year in August, accelerating from 1.9% in July, while monthly prices fell 0.2%. The 10-City Composite rose 3.6% annually and the 20-City Composite gained 2.7%.
1. Annual growth picks up
U.S. home prices rose 2.1% annually in August, up from 1.9% in July. Prices fell 0.2% month over month, compared with the pre-pandemic August norm of a 0.3% gain.
2. City indexes outpace nation
The 10-City Composite rose 3.6% annually, while the 20-City Composite gained 2.7%, both faster than national growth. Sales turnover remained near Great Recession lows, with weak demand and limited incentives for homeowners with low mortgage rates to move.
3. Declines may continue
Widespread monthly declines and rising interest rates signal that modest home price declines will likely extend through fall and winter.
