Between July and August, house price growth was -0.1 percent from 0.1 percent, according to a report by First American Data & Analytics, a provider of property-centric information, risk management and valuation solutions.
Nationally, prices are 54.4 percent higher than they were pre-pandemic, and prices for September 2024 were 3.9 percent higher than September 2023.
“Annual house price appreciation nationally slowed for the ninth consecutive month, falling to the slowest pace since the summer of 2023,” Mark Fleming, First American chief economist, said. “While home prices reached a new record high in September, the pace of growth continues to slow. Lower mortgage rates have improved affordability, which will likely stimulate demand in the coming months, especially if rates continue to ease. If housing supply does not increase amid that potential increased demand, it’s possible that price appreciation could accelerate again.”
The report tracks home-price changes and includes three metropolitan prices based on local market sales data.
The starter tier represents home sales prices at the bottom third of the market price distribution, mid-tier represents home sales prices in the middle third, and the luxury tier represents home sales prices in the top third.
Nationally, the annual price appreciation increase was 3.9 percent, but 11 metro areas outpaced this.