NAHB CEO Jerry Howard assesses the housing slowdown after homebuilder sentiment fell for the ninth straight month on 'Varney & Co.'rising mortgage ratesPrices climbed 15.8% nationally in July from the previous year, a marked drop from the revised gain of 18.7% recorded in June, the S&P CoreLogic Case-Shiller index showed on Tuesday.
"July’s report reflects a forceful deceleration," Craig Lazzara, a managing director at S&P Dow Jones Indices, said in a statement. "The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index." The 10-City composite, meanwhile, climbed 14.9% annually, down from 17.4% in June, and the 20-City composite rose 16.1%, down from 18.7% the previous month. Home prices increased the most in Tampa, Florida, with a 31.8% gain. Miami followed with an increase of 31.7%. Dallas, Texas was third at 24.7%.
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. last week showed that the national median home price moderated slightly in August, falling from a record high of $413,800 recorded in June to $389,500. That is still up 7.7% from the same time one year ago.
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