Home prices are rising but at a slower pace

Home price growth is stalling
Home price growth is starting to rise at a slower pace

We have seen 14 straight months of home price growth across the country, but this trend finally slowed down in the month of September. An indicator that the market is beginning to normalize, this deceleration is largely expected. Needless to say, this is welcomed news for prospective home buyers.

What the data shows

The latest CoreLogic Case-Shiller Home Price Index was released recently. Between September 2020 and September 2021, home prices increased by 19.5%. This increase was actually down from a record 19.8% year-over-year rise seen in August. All in all, home prices are still high. In fact, the October national median listing price was $380,000. This is up 8.6% from the same period last year. As for the median sale price during this same time, it has reached $353,900.

Overall, the CoreLogic Case-Shiller 10-City Composite Home Price Index increased by 17.8% year-over-year in September. This figure was down from 18.6% in the previous month. As for the largest home price increases across the country, 2 of the top 3 metropolitan cities were in The Sunshine State. The top 3 cities for price increases were as follows:

  • #1. Phoenix, AZ (up 33.1%)
  • #2. Tampa, FL (up 27.7%)
  • #3. Miami, FL (up 25.2%)

All in all, home prices in all 20 cities in the CoreLogic Case-Shiller index stand at all-time highs.

Summary

The recent CoreLogic Case-Shiller 10-City Composite Home Price Index certainly reinforces the fact that we are continuing to see more Americans moving to states such as Arizona and Florida. Although we are seeing home prices grow at a slower pace across the country, we continue to see high demand in states such as Florida. In South Florida particularly, we expect this trend to continue. Thus, home prices are expected to remain strong moving forward.

At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!

By natasha moore

REALTOR® with Live South Florida Realty, Inc.

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