Home price growth slowed further in August, with the result that RE Metrics’ estimate for August home prices (US 10-City Index) is negative 0.4%, down from the barely positive 0.01% monthly increase in July. According to RE Metrics’ model, prices declined by 1.1% in San Francisco and by 0.7% in San Diego and Denver. Las Vegas was the only metro with positive growth, posting a 0.2% monthly increase. New York and Miami were next in line, with 0% growth in August.
All 10 metros experienced declines in the rate of growth in August. The largest month-to-month changes occurred in Las Vegas (-0.7%), Chicago (-0.6%) and New York (-0.5%). Over the last three months, the most slowing occurred in San Francisco (-2.0%), Los Angeles (-1.6%) and Denver (-1.6%).
(Note: the major metro areas covered here are the 10 components of the S&P CoreLogic Case-Shiller 10-City Composite Home Price Index. August results are due to be published on October 29th.)
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