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Latest U.S. Home Price Gains Hint at Decelerating Growth
Although U.S. home prices posted another annual gain in August, it broke the recent streak of increasingly large year-over-year gains, according to the latest results for the S&P CoreLogic Case-Shiller Indices. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.8% annual gain in August, the same as July’’s.
The 10-City Composite annual increase came in at 18.6%, down from 19.2% in July. The 20-City Composite posted a 19.7% year-over-year gain, down from 20.0% previously.
Craig J. Lazzara, global head of index investment strategy at S&P Dow Jones Indices, said the latest data support either of two explanations: “an acceleration of purchases that would have occurred anyway over the next several years, or reflects a secular change in locational preferences. August data also suggest that the growth in housing prices, while still very strong, may be beginning to decelerate.”
- ◦Economy
