Home prices

A measure of prices in 20 large U.S. cities in August fell 1.3% on a month-over-month basis, the most since March 2009, according to the S&P CoreLogic Case-Shiller index.

Close to 60,000 home-purchase agreements were canceled in September

Quarterly numbers also show the smallest gain in appreciation since 2011, with values decreasing on an unadjusted basis, according to Fannie Mae.

The high interest rate environment is causing repeat buyers to pull back from the market, creating ample space for entry borrowers to purchase a home.

The West Coast and across the Rocky Mountain region are the most vulnerable to price declines in the coming months as both sellers and buyers readjust their expectations.

The number of sellers discounting their original listing grew by over 83% year over year, according to HouseCanary.

Buyer interest waned as mortgage rates increased in the same month this year, CoreLogic found

Sales of co-ops and condos dropped 3.7% in the third quarter from the previous three months and more than 18% from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Tuesday.

Median home prices fell 0.98% in August from a month earlier, following a 1.05% drop in July, Black Knight Inc. said in a report Monday.

The tempering of growth is a result of mortgage rates jumping and inflation, a report found.

The decline was "widespread" impacting eight of the nine U.S. census divisions, according to the Federal Housing Finance Agency.

The shift to working from home drove more than half of the increase in house and rent prices during the pandemic and will likely drive up costs and inflation going forward as the shift becomes permanent, according to research from the Federal Reserve Bank of San Francisco. 

August's 0.3% drop in prices from July was the largest in 11 years, according to the raw Zillow Home Value Index.

Of the 50 counties most at risk, nine are in and around the Big Apple, six are in the Windy City's metropolitan area, and 13 are spread through California.

Also, the percentage of loan-to-value ratios in all buckets above 50% shrunk between the first and second quarter, according to a new CoreLogic report on homeowner equity.

Home values dropped for the first time in 31 months between June and July but this is obscured by 14.5% year-over-year appreciation.

Housing's unusually high appreciation rates have now slowed for three months straight, and the number of metropolitan areas that are considered overvalued keeps growing, according to CoreLogic.

Although housing costs are still far higher than levels from a year ago, monthly data showed prices declined across five U.S. regions in June, and a separate survey indicated almost one-third of sellers had recently slashed prices.

A national measure of prices rose 18% year-over-year, smaller than the 19.9% climb in May, the S&P CoreLogic Case-Shiller index showed Tuesday.

The slowdown also has not been enough to ease affordability in any state given changes in interest rates and incomes, according to research from First American.