Having peaked in July, home prices in America’s 20 largest cities continue to decelerate in October (the latest data available from S&P Case-Shiller), rising ‘only’ 18.41% YoY (vs 18.5% expected), slowing from the +19.09% YoY in September.
Source: Bloomberg
That is the 3rd straight monthly slowdown in price gains.
Bear in mind that is still faster acceleration than the peak of the last housing bubble.
“U.S. home prices moved substantially higher, but at a decelerating rate,” Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in statement.
“October’s gains were below September’s, and September’s gains were below August’s. That said, October’s 19.1% gain in the National Composite is the fourth-highest reading in the 34 years covered by our data.”
Phoenix, Tampa, Miami reported highest year-over-year gains among 20 cities surveyed.
It would appear, even before The Fed started tapering and shifted to its hawkish rate stance, that house price appreciation has peaked.
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