CoreLogic Chief Economist Dr. Selma Hepp told Inman, “despite much-needed optimism, brought by a sharp decline in mortgage rates in August, the boost was short lived and not enough to renew homebuyers’ interest.”
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
U.S. home prices rose modestly in August, with both the Federal Housing Finance Agency (FHFA) and S&P CoreLogic Case-Shiller Indices recording a 4.2 percent annual gain despite affordability challenges, both entities reported on Tuesday.
The FHFA House Price Index (HPI) showed a 0.3 percent increase in home prices from July to August, with the previously reported July gain revised up to 0.2 percent, according to the FHFA. Monthly price changes across the nine census divisions varied from a 0.1 percent decline in East North Central and New England to a 0.9 percent increase in West North Central.
Annual growth across these divisions was positive, ranging from 2.4 percent in the West South-Central to 6.3 percent in East North Central, although affordability challenges persist, according to FHFA Deputy Director Dr. Anju Vajja.
“House price appreciation in the United States remained modest for the sixth consecutive month,” Dr. Vajja added, citing the effect of locked-in interest rates on affordability.
The S&P CoreLogic Case-Shiller Index offered further insights into regional variations. Year-over-year, the 10-City Composite rose by 6.0 percent, while the 20-City Composite posted a 5.2 percent increase, with New York, Las Vegas and Chicago leading the gains.
Month-over-month, the unadjusted national index saw a slight decrease of 0.1 percent but rose by 0.3 percent when seasonally adjusted.
sentence: Please send me the report as soon as possible.