According to S&P Case-Shiller, gains are shrinking at record pace. Nationwide, in August, prices were 13% higher than they were last year, down from an annual gain of 15.6% in the previous month. The 10 biggest housing markets in the country rose 12.1% in the last year in August, compared to a 14.9% gain in July. The 20-city composite was up 13.1%, compared to a 16% increase the previous month.
“The forceful deceleration in U.S. housing prices that we noted a month ago continued in our report for August 2022,” wrote Craig Lazzara, managing director at S&P DJI, in a release. “Price gains decelerated in every one of our 20 cities. These data show clearly that the growth rate of housing prices peaked in the spring of 2022 and has been declining ever since.”
Leading the price gains in August were Miami, Tampa, Florida, and Charlotte, North Carolina, with year-over-year increases of 28.6%, 28% and 21.3%, respectively. All 20 cities reported lower price rises in the year ended in August versus the year ended in July.
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