Home prices are declining.
Month-over-month, home prices fell 0.15% in August according to Tuesday’s S&P/Case-Shiller report.
Additionally, the year-over-year growth rate slipped to 5.6% from 6.7%.
These are all reflective of what may be a maturing housing recovery.
But all hope isn’t lost just yet.
“September figures for housing starts, permits and sales of existing homes were all up,” the Case-Shiller report states. “Continued labour market gains, low interest rates, and slower increases in home prices could support further improvements in housing,”
Mortgage rates recently fell to a 16-month low, which may encourage more prospective buyers to pull the trigger on a home.
Still. 12 out of the 20 cities ranked by Case-Shiller saw a month-over-month decline in August.
We’ve ranked these cities in order to show which housing markets saw price drops in the last month.