Home prices in August slowed faster than expected and saw the biggest deceleration ever recorded, according to the latest Case-Shiller Index.
- Y-O-Y: The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 13.0% annual gain in August, down from 15.6% the prior month.
- M-O-M: The Case-Shiller index reported a 0.9% decline from the prior month, this is higher, and the second straight month of price declines.
Swing & A Miss. Economists projected the 20-city index would fall to 14.1% and it actually fell to 13.1% from 16.0% the prior month.
No One Over 30. For the first time in 13 months, not a single major metro area saw year-over-year home price growth of over 30.0%. Miami was the last holdout before falling to 28.6% in August. Rounding out the top three were Tampa (+28.0%) and Charlotte (+21.3%).
Analysis. Craig J. Lazzara, Managing Director at S&P DJI, said the deceleration in home prices picked up its pace in August. “For example. the Nationa Composite Index rose by 13.0% for the 12 months ended in August, down from its 15.6% year-over-year growth in July. The -2.6% difference between those two monthly rates of change is the largest deceleration in the history of the index (with July’s deceleration now ranking as the second largest).