Nationally, home price appreciation continued in August. Based on a seasonally adjusted annual growth rate, home prices in Seattle, New York and San Diego declined faster in August than in July. Home prices in New York has decreased for the fifth consecutive month.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 7.2% in August, following an unusual 0.5% annual rate in July. On a year-over-year basis, the S&P Case-Shiller U.S. National Home Price NSA Index rose by 5.8%, the lowest annual gain in the past twelve months. The Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 3.1% in August, slower than the 4.4% increase in July.
In addition to tracking home price changes nationwide, S&P also estimated home price indexes across 20 metro areas. The bars in Figure 2 show the 20 major U.S. metropolitan areas’ annual growth rates in August 2018 and in July 2018. The red line presents the national growth rates in August 2018.
In August, the annual growth rates of the 20 metro areas ranged from -11.3% to 14.5%. Among the 20 metro areas, Las Vegas, Cleveland and Tampa had the highest home price appreciation. Las Vegas led the way with a 14.5% increase, followed by Cleveland with an 8.0% increase and Tampa with a 7.1% increase. Two of the 20 metro areas exceeded the national average of 7.2% in August. Compared to eight metro areas in July, three metro areas experienced price declines in August, but at a faster pace. Home prices declined by 11.3% in Seattle, 4.2% in New York and 3.1% in San Diego in August, faster than the 2.4%, 2.6% and 1.7% declines in July, respectively.