New Zealand Markets closed
  • NZX 50

    12,676.50
    +6.26 (+0.05%)
     
  • NZD/USD

    0.6750
    -0.0069 (-1.0126%)
     
  • ALL ORDS

    7,543.60
    +7.50 (+0.10%)
     
  • OIL

    66.22
    -0.28 (-0.42%)
     
  • GOLD

    1,782.10
    +21.40 (+1.22%)
     

U.S. home price growth slows, sales surge

The spike in home prices may be losing some of its sizzle but not home sales.

The S&P CoreLogic Case Shiller index that monitors prices in 20 U.S. metropolitan areas rose 1.2% in August. That’s the smallest gain since July of 2020, and it was less than what economists had expected.

An official at S&P DJI said the data suggest housing price growth may be beginning to decelerate.

Growth on a year-on-year basis also slowed, dipping from July’s record level to 19.7%. That was also short of estimates.

Sunny cities in the southwest and southeast reported the highest annual price gains: Phoenix, San Diego and Tampa.

Those rising prices are not deterring home buyers.

Sales of single-family homes surged to a six-month high in September. The Commerce Department reported Tuesday new home sales jumped 14%. Still the buying frenzy has abated from last year as workers return to offices and schools reopened.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting