There were further indications in
August that home price gains are beginning to slow. The appreciation rate of the
Federal Housing Finance Agency’s (FHFA’s) House Price Survey (HPI) retreated
slightly on both a monthly and an annual basis while the various S&P
CoreLogic Case-Shiller home price indices either slowed or remained unchanged
on an annual basis. Case-Shiller’s U.S. National Home
Price NSA Index, covering all nine U.S. census divisions, reported a 19.8
percent annual gain in August
, essentially unchanged from the annual increase
in July. The 10-City Composite rose 18.6 percent, down from a 19.2 percent change
the previous month. The 20-City Composite rose 19.7 percent compared to 20.0
percent in the earlier period. Phoenix
and San Diego reported the highest year-over-year gains among the 20 cities in August
while Tampa unseated Seattle from third place. Phoenix home prices increased 33.3
percent year-over-year while San Diego had an appreciation rate of 26.2 percent.
Tampa followed at 25.9 percent. Eight of the 20 cities reported higher price
increases in the year ending August 2021 versus the year ending July 2021
compared to 17 cities reporting such gains in July.


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