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  • U.S. home price growth unexpectedly decelerates in August - S&P Dow Jones Indices
Ekonomické zprávy
26.10.2021

U.S. home price growth unexpectedly decelerates in August - S&P Dow Jones Indices

S&P Dow Jones Indices (S&P DJI) reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, soared 19.7 percent y-o-y in August, following a revised 20.0 percent y-o-y climb in July (originally a 19.9 percent y-o-y surge).

Economists had expected a jump of 20.0 percent y-o-y.

Phoenix (+33.3 percent y-o-y), San Diego (+26.2 percent y-o-y) and Tampa (+25.9 percent y-o-y) recorded the highest y-o-y increases among the 20 cities in August. Overall, 8 of the 20 cities reported greater price gains in the year ending August 2021 versus the year ending July 2021.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, climbed 19.8 percent y-o-y in August, the same pace as in the previous month.

The U.S. housing market showed continuing strength in August 2021,” noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “Every one of our city and composite indices stands at its all-time high, and year-over-year price growth continues to be very strong, although moderating somewhat from last month’s levels,” he added. “We have previously suggested that the strength in the U.S. housing market is being driven in part by a reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred anyway over the next several years, or reflects a secular change in locational preferences. August’s data are consistent with either explanation. August data also suggest that the growth in housing prices, while still very strong, maybe beginning to decelerate.”

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