Mortgage rates that have doubled over the past year are sapping demand from the housing market, which saw price growth decelerate at the fastest pace on record in August.
Macro Trends Advisors founding partner Mitch Roschelle argues the housing market is slowing down 'dramatically.'rising mortgage ratesPrices climbed 13.0% nationally in August from the previous year, down from 15.6% in July, the S&P CoreLogic Case-Shiller index showed on Tuesday. That’s the biggest deceleration in the index’s history.
"The forceful deceleration in U.S. housing prices that we noted a month ago continued in our report for August 2022," Craig Lazzara, Managing Director at S&P Dow Jone Indices, said in a statement. "Price gains decelerated in every one of our 20 cities. These data show clearly that the growth rate of housing prices peaked in the spring of 2022 and has been declining ever since.
The 10-City composite, meanwhile, climbed 12.1% annually, down from 14.9% in June, and the 20-City composite rose 13.1%, down from 16.0% the previous month. Home prices increased the most in Miami, with a 28.6% gain. Tampa, Florida followed with an increase of 28.0%. Charlotte, North Carolina was third at 21.3%.
The Case-Shiller index reports with a two-month delay, meaning it may not capture the latest slowdown in the market. Even with higher interest rates putting homeownership out of reach for millions of Americans, prices are still steeper than just one year ago.
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