In August, home prices declined for the first time since 2022, according to property information provider CoreLogic. While prices still reached new highs, the CoreLogic S&P Case-Shiller Index showed a 4.25% year-over-year increase, down from the 6.5% peak in February and March. This marked the fifth straight month of slower annual price growth, and CoreLogic predicts price growth will slow even further to 2.3% by next August.
Of 20 major metro areas analyzed by CoreLogic, 19 areas saw slower price growth compared with the previous month. Miami, San Diego, and Los Angeles experienced the biggest slowdowns, while Chicago was the only metro with faster annual gains than the previous month.
While home prices fell by 0.13% nationally from July to August, 11 metros recorded weaker monthly gains. Only three metros report monthly increases in August, including Chicago, Las Vegas and Detroit. Home price declines during the month were led by San Francisco, down 1.1%. Denver, San Diego and Los Angeles followed with similar declines, down by 0.7%. Historically, home prices tend to increase during these summer months.
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