Home price growth continued to cool in August

"Month-over-month, the national index rose 0.2% after seasonal adjustment. The 10-city and 20-city composite indexes also reported slower annual growth in August, with the 10-city index (359.59) posting a 2.1% annual increase and the 20-city index (339.99) reporting a 1.6% year-over-year gain. These increases are down from 2.3% and 1.8%, respectively, in July. On a monthly basis, both composite indexes reported a 0.2% increase in August after seasonal adjustment."

"Assuming a 10% downpayment and average property taxes and homeowners' insurance, the median payment would have been $3,096, Lisa Sturtevant, the chief economist at Bright MLS, said in a statement. In September, the median price was down seasonally to $415,200. At a 6.2% interest rate, a buyer now has a median monthly payment of $2,824, a savings of $271 per month. That average $271 per month savings could be enough to bring some buyers into the market."

National home prices showed modest monthly gains in August, with the national index rising 0.2% after seasonal adjustment. The 10-city composite rose 2.1% year-over-year (359.59) and the 20-city composite rose 1.6% year-over-year (339.99), both down from July. On a monthly basis both composites increased 0.2% seasonally adjusted. New York led annual gains at 6.1%, followed by Chicago (5.9%) and Cleveland (4.7%), while Tampa fell 3.3% annually. Compared to a month earlier, prices fell in 19 of 20 cities. Lower mortgage rates reduced median monthly payments by about $271, which may draw some buyers despite economic uncertainty.

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