Steel Markets

Case-Shiller Reports Slowing Home Price Growth

Written by Sandy Williams

Price growth continues to slow in the housing market, according to the latest S&P CoreLogic Case-Shiller Indices.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index for July 2019 reported an average annual gain of 3.2 percent, unchanged from June. The 20-City composite posted a 2.0 percent gain from 2.2 percent in the prior month.

“Year-over-year home prices continued to gain, but at ever more modest rates,” says Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices.

The slowdown in pricing may benefit a market that has been struggling with affordability and housing availability. Recent data shows existing homes sales were up 1.3 percent in August along with a rebound for housing starts and permit authorizations. The National Association of Home Builders reported builder confidence at a one-year high in its September survey.

Seven of the 20 cities in the survey reported annual gains in July. The top three cities were Phoenix with an annual increase of 5.8 percent, followed by Las Vegas with a 4.7 percent increase, and Charlotte with a 4.6 percent increase.

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