Home Prices Slowing Their Momentum, Catching up With Housing; Fed Tomorrow; Rates Sideways to Higher

Home Prices Slowing Their Momentum, Catching up With Housing; Fed Tomorrow; Rates Sideways to Higher

Both of the major home price indexes that were released this morning showed continued deceleration in the rate of appreciation, even though July is usually one of the strongest months of the year for home price gains. The Federal Housing Finance Agency's (FHFA's) House Price Index (HPI) and most variations of the three of the S&P CoreLogic Case Shiller Indices turned in slightly smaller increases in July than in June, both month-over-month and on an annual basis. The Case-Shiller National Index which covers all nine U.S. Census districts, reported prices were up 6.0 percent compared to July 2017. Last month's June to June comparison put the gain at 6.2 percent. The monthly figures also softened. Before seasonal adjustment, the Index posted a gain of 0.4 percent. and 0.2 percent after adjustment