U.S. home prices increased 0.4% in August compared with July and were up 3.6% compared with August 2018, according to CoreLogic’s home price index.
The firm is forecasting that home prices will rise 0.3% in September compared with August and will increase 5.8% in the 12 months ended August 2020.
Connecticut was the only state to post an annual decrease in home prices in August.
Frank Nothaft, chief economist at CoreLogic, says the 3.6% annual increase “marked a big slowdown from a year earlier when the U.S. index was up 5.5 percent.”
“While the slowdown in appreciation occurred across the country at all price points, it was most pronounced at the lower end of the market,” Nothaft says in a statement. “Prices for the lowest-priced homes increased by 5.5 percent, compared with August 2018, when prices increased by 8.4 percent.
“This moderation in home-price growth should be welcome news to entry-level buyers.”
