Brief excerpt:
House Prices Up Slightly Year-over-year
Here is the year-over-year in house prices according to the ICE Home Price Index (HPI). The ICE HPI is a repeat sales index. ICE reports the median price change of the repeat sales. The index was up 1.1% year-over-year in August, unchanged from 1.1% YoY in July.
• The ICE Home Price Index shows prices firming slightly in August, with the annual home price growth rate holding at +1.1% in July, pausing after a streak of seven monthly declines
• Prices rose by +0.03% in the month, and while still cool, that marks the first single month growth since April, representing a seasonally adjusted annualized rate (SAAR) of +0.4%
• 85% of markets saw firmer prices in August than they did in July, with the uptick driven by a combination of slightly lower mortgage rates and improved affordability alongside a modest pullback in for-sale inventory
• Annual growth among single-family residences held steady at +1.4% YoY, while condo prices are now down -1.9%, marking further deterioration from -1.7% in July
