US home-price appreciation cooling off ever so slightly

[WASHINGTON] US home prices jumped 19.8 per cent in August, the latest in a string of massive gains in the pandemic real estate market.

But after more than a year of a hot market, there are slight signs of a cooldown. The gain in the S&P CoreLogic Case-Shiller index of property values nationwide matched the jump last month, according to a statement on Tuesday. That came after 14 straight months of accelerating price increases.

The index that tracks prices in 20 US cities posted a 19.7 per cent year-over-year gain, down from 20 per cent the prior month. That ended a streak of 13 straight months of increases.

The torrid pace of price gains has eased slightly after the pandemic ignited a buying frenzy for a tight supply of homes for sale across the US.

More owners are listing their properties now and buyers are starting to resist getting dragged into bidding wars.

BLOOMBERG