Home prices grew by 10.6% year over year in September, marking the sixth consecutive month of annual declines.
In August, the CoreLogic S&P Case-Shiller Index posted a 13% year-over-year increase, down from a 15.6% gain in July, marking the fifth straight month of decelerating annual home price appreciation.
The surge in mortgage rates has brought the housing market to an impasse. Many buyers moved to the sidelines as the cost of homeownership became prohibitively high, while sellers were unwilling to give up locked-in record-low interest rates and expectations of peak sales prices.
Housing market activity slowed considerably over the summer, leading to widespread deceleration in home price growth and rising concerns of a real estate downturn.
Signs of slowing homebuyer demand are spreading wider across markets and are reflected in slowing price appreciation.
Despite the surge in mortgage interest rates and high home prices, buyers have remained resilient and continued to seek homes, keeping the market competitive.
Home price growth continued to gain speed in early spring, as eager buyers tried to get in front of the mortgage rate surge. The S&P CoreLogic Case-Shiller Index posted a 19.8% increase in February, the second month of accelerated growth after a winter lull. This was the strongest February year-o...
After a short respite, home price growth sped up in January. The S&P CoreLogic Case-Shiller Index registered a 19.2% increase after four months of slowing or flat growth. This was the strongest January year-over-year increase since the beginning of the data series.
After some signs of slowing home price growth, suggested by the seasonally adjusted deceleration in month-to-month gains, November monthly price growth re-accelerated again, indicating home buyers have not yet thrown in the towel.
Despite some headwinds to the housing demand stemming from higher mortgage rates, affordability constraints and continued lack of supply, home price growth and home sales activity continued to track at record levels.
There were unexpected economic and financial twists in 2021, and the housing market experienced its fair share of surprises.
Four metros, largely in warm climates, continue to experience acceleration in annual gains While housing market activity is experiencing a typical seasonal slowdown, home buyer demand remains strong and continues to push total home purchases above pre-pandemic levels. This has led to another mont...