Pending Sales Decline; Rates Rise; Was August the Turning Point for Home Prices?

Pending Sales Decline; Rates Rise; Was August the Turning Point for Home Prices?

There were further indications in August that home price gains are beginning to slow. The appreciation rate of the Federal Housing Finance Agency's (FHFA's) House Price Survey (HPI) retreated slightly on both a monthly and an annual basis while the various S&P CoreLogic Case-Shiller home price indices either slowed or remained unchanged on an annual basis. Case-Shiller's U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.8 percent annual gain in August , essentially unchanged from the annual increase in July. The 10-City Composite rose 18.6 percent, down from a 19.2 percent change the previous month. The 20-City Composite rose 19.7 percent compared to 20.0 percent in the earlier period. Phoenix and San Diego reported the highest year-over-year gains