US Housing Price Growth Rate is Slowing Down: August 2023 Report

US Housing Price Index Shows Slowdown in August 2023

S&P Dow Jones Indices has released the national housing price index data for August 2023. According to this data, housing prices in the US increased by 1.5 percent compared to the same month last year.

Slowing Growth Rate and Market Expectations

The slowdown in the growth rate of housing prices continues. In July, the annual increase was 1.6 percent, while in August, this rate has been recorded as 1.5 percent.

Situation in 20 Cities in August

In August, the housing price index for 20 major cities in the US increased by 1.6 percent compared to the same month last year. Market expectations indicated that the index would rise by 1.4 percent during this period, while a 1.8 percent increase was recorded in July.

Highest Increases and Decreases in Housing Prices

Among the 20 cities in the index, the highest annual increase was observed in New York, where housing prices rose by 6.1 percent. Following New York, the cities with the highest increases in housing prices were Chicago (5.9%) and Cleveland (4.7%).

However, Tampa made headlines due to a decrease in housing prices; in this city, housing prices fell by 3.3 percent.