The Case-Shiller Home Price Index, which is considered the “gold standard” for appreciation, showed home prices nationwide rose 0.3% from July to August after seasonal adjustment, helping home values reach an all-time high for the fifteenth straight month. Home values in August were also 4.2% higher than a year earlier, following a 4.8% gain in July.
The Federal Housing Finance Agency’s (FHFA) House Price Index also showed that home prices rose 0.3% from July to August, and they were 4.2% higher when compared to the same time last year.
What’s the bottom line?
While home prices are continuing to appreciate, the pace is slower than earlier in the year. However, homeownership continues to provide a significant wealth creation opportunity. And if mortgage rates come back down, this could drive demand and potentially accelerate home price gains even further.