Summary
Home prices in nine of the 20 largest U.S. metropolitan areas dropped in August according to a report by the S&P Cotality Case-Shiller Index. Factors such as high mortgage rates and increased housing inventory have contributed to a slowdown in the U.S. housing market. Different regions are seeing varied trends, with the Northeast showing some price increases while the South and West are experiencing declines.
Key Facts
- Home prices dropped in nine of the 20 biggest U.S. metros in August.
- The S&P Cotality Case-Shiller Index reported a 1.5% increase in overall U.S. home values from a year earlier.
- Tampa experienced the largest drop in home values at -3.31%.
- Other metros with home value declines include Phoenix, Miami, San Francisco, and Dallas.
- New York City saw the highest increase in home values, with a 6.1% rise.
- Rising mortgage rates, currently between 6% and 7%, are affecting affordability.
- The housing market has slowed down, with more houses for sale and fewer buyers.
