U.S. August Case-Shiller home price data released, market expects further weakness
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The latest S&P CoreLogic Case-Shiller data shows that home prices in the top 20 U.S. metropolitan areas rose 0.27% month-on-month and 2.65% year-on-year in August, marking the 5th consecutive month of month-on-month growth; Chicago led the gains for the 6th consecutive month with an annual increase of 6.7%, while Seattle led the declines for the 3rd consecutive month with an annual decrease of 2.0%. Tyler Durden interpreted that with U.S. mortgage rates currently in the mid-to-high 6% range and high inflation, housing affordability for residents still faces severe challenges, and he expects the U.S. residential market to weaken further.
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- ZeroHedge"Affordability Remains Challenging": US Home Prices Rise Even As Mortgage Rates Rip
Latest data from the S&P CoreLogic Case-Shiller shows that home prices in the top 20 U.S. metropolitan areas rose 0.27% month-over-month and 2.65% year-over-year in August, marking the fifth consecutive monthly increase. Chicago led gains for the sixth straight month with an annual increase of 6.7%, while Seattle led declines for the third consecutive month with an annual drop of 2.0%. U.S. mortgage rates are currently in the mid-to-high 6% range, and coupled with high inflation, housing affordability for residents remains severely challenged.
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