Home Price Growth Slows to 2-Year Low

Home prices in August grew at the lowest annual rate in over two years, according to the recent release of the S&P Cotality Case-Shiller Home Price Index and an analysis from the National Association of Home Builders’ Eye on Housing.

Home prices grew at an annual rate of 1.51%. This rate is below the recent highs of 6.5% at the beginning of 2024, but almost half the rate of inflation. Following five consecutive months of decline, the index posted a slight increase in July.

The index also reported home price increases in 11 of 20 metro areas. The highest annual rate was in New York at 6.08%, followed by Chicago at 5.89% and Cleveland at 4.67%. Tampa saw the biggest decrease at -3.34%, followed by Miami at -1.69%.