Case-Shiller Home Price Index figures were released yesterday for August 2014. Seasonally adjusted home values in the New York metropolitan area fell by 0.2% in August, consolidating the fifth consecutive month of decline. Nationally, home prices declined 0.1%. Annual price changes since August 2013 are +3% in New York and +5.6% nationally.
Despite the decline in New York, home values remained more stable than in many of the markets that have seen strong growth recently. New York values are also among the closest to the 20-City composite index value, indicating that they do not significantly diverge from the national trend.
Of the twenty cities measured in the index, only eight saw home values appreciate this month. Sunbelt cities, where double-digit annual growth was common until recently, are seeing appreciation slow down significantly. In Los Angeles annual appreciation declined from 9% in July to 6.8% in August, and figures for Las Vegas show annual appreciation declined from 12.7% to 10.1% between July and August.
Chicago also stands out for its third consecutive month of depreciation, which put its August annual appreciation rate at 2.9% down from 10.8% in April. Other nationwide indicators of the strength of housing markets, including construction starts and sales of existing homes, still have a favorable outlook according to the press release issued with the new Case-Shiller figures.
Click here for more information on CHPC’s tracking of the Case-Shiller Home Price Index.