November 01, 2022: -Home prices are increased compared to a year ago. Still, according to one critical metric, gains are shrinking faster on record as the housing market is struggling under sharply higher interest rates.
In August, prices were 13% higher nationally compared with August 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is below the 15.6% annual gain in the last month. The 2.6% difference in those comparisons is the biggest in the index’s history, launched in 1987, which meant price gains are decelerating at a record pace.
The 10-city composite, which tracks the most important housing markets in the United States, surged 12.1% annually in August versus a 14.9% gain in July. The 20-city composite, including a broader array of metropolitan areas, was increased by 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 the 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 indicate that the growth rate of housing prices peaked in the spring of 2022 and has been coming down ever since.”
Leading Miami, Tampa, and Charlotte in August were Miami, with ver-year increases of 28.6%, 28%, and 21.3%. All 20 cities stated that there were lower price increases in the year concluding in August versus the year ending in July.
The West Coast, including some of the costliest housing markets, saw the most significant monthly comes down, with San Francisco (-4.3%), Seattle (-3.9%), and San Diego (-2.8%), which falls the most.
This year, a quick jump in mortgage rates from narrative lows has turned the once-red-hot housing market on its heels. The 30-year fixed home loan’s average rate started this year at 3%. By June, it stretched over 6% and is just over 7%, according to Mortgage News Daily.
“With monthly mortgage costs 75% higher than the previous year, many first-time buyers are locked out of housing markets, incapable of finding homes with allocations that include lost $100,000 in purchasing power this year,” said George Ratiu, senior economist at Realtor.com.
He also stated that higher home costs and interest rates keep would-be sellers from listing their houses. They appear to be close to their lower rates.
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