CUNA MUTUAL GROUP: Pace of Home Price Increases Slowed in August

CUNA Mutual Group issued the following announcement on Nov. 1.

SAN FRANCISCO–The pace of home price increases slowed in August, falling below the 6% mark in August for the first time in 2018.

Home Prices

According to the S&P CoreLogic Case-Shiller Home Price Index, the average home price rose by 5.8% on an annualized basis, following a 6% increase in July and a 6.2% increase in June.

For the Index’s 20-city composite, the greatest increases were in Las Vegas, San Francisco, and Seattle, which remain some of the most expensive cities in the U.S. in which to find housing. In August, prices in Las Vegas rose 13.9% while San Francisco prices gained 10.6%—both similar to July’s increase—while Seattle was up 9.6%, down from the 12.1% increase seen one month earlier.

‘Eye-Popping’

“Where it gets really eye opening is when you look at the zip code level — this is really a hyper-local issue, especially now,” Daren Blomquist, senior vice president at ATTOM Data Solutions, said in a statement to NBC News regarding the shifts in housing market recovery. ATTOM data also show that prices are beginning to rise more slowly in most markets and that the number of vacant single-family homes has fallen over the past year to 1,447,906.

“We’re seeing improvement in this metric pretty much across the board,” Blomquist told NBC. “If you look at most of the markets we look at, the vacant property rate overall is coming down from a year ago and the foreclosure vacant property rate, the ‘zombie’ rate, has really dramatically improved over the last few years.” ATTOM found that the number of vacant homes in foreclosure has fallen to just over 10,000, down from more than 44,000 five years ago.

Original source can be found here.

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