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U.S. home price growth slowed in August- S&P Case-Shiller -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Single family residential homes constructed by KB Home in Valley Center, California. U.S.A., June 3, 2021. REUTERS/Mike Blake/File photo

(Reuters) – The August increase in single-family homes prices in the United States was less than anticipated. This is according to a survey that has been closely monitored.

The S&P CoreLogic Case Shiller composite index of 20 metropolitan areas rose 1.2% on a seasonally adjusted basis after posting a 1.5% increase in July. The monthly gain was 1.2%, the lowest since July 2020. It also fell below an estimate by Reuters economists of a gain in the region of 1.5%.

The data for August “suggest that the growth in housing prices, while still very strong, may be beginning to decelerate,” Craig Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI, said in a statement.

The 20-city index saw prices rise 19.7% over the past year. This is slightly less than July’s record annual increase of 20%. This was also below economists’ expectation of a rise of 20.0%.

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