For the 17th month in a row - the longest streak since 2008 - US home price growth (in 20 major cities) has been unable to re-accelerate.
S&P CoreLogic's (Case-Shiller) 20-City Composite home price index rose 2.03% YoY in August and flat to a downward-revised July print...
This is the weakest growth since August 2012, and biggest MoM drop since March 2012...
All 20 cities in the index, with the exception of San Francisco, showed year-over-year gains. Prices there fell 0.1% from August 2018.
Prices in 17 cities rose from the prior month on a seasonally adjusted basis. In New York, home prices fell 0.4% from July, while in Las Vegas, they dropped 0.1%. In Detroit, prices were unchanged month over month.
As Bloomberg notes, although mortgage rates are hovering near a three-year low, tepid wage gains are limiting buyer enthusiasm in markets such as Las Vegas and New York. Meanwhile a shortage of affordable inventory is keeping prices elevated.