{"id":78554,"date":"2024-09-17T05:00:24","date_gmt":"2024-09-17T12:00:24","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78554"},"modified":"2024-09-16T13:49:37","modified_gmt":"2024-09-16T20:49:37","slug":"home-price-index-august-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-price-index-august-2024\/","title":{"rendered":"U.S. Home Prices Rose 0.5% in August, the Biggest Increase in 4 Months"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Home prices grew 0.5% month over month in August, the fastest pace since April.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">On a year-over-year basis, home prices rose 6.7%, the smallest annual increase since January.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">20 of the 50 most populous U.S. metros recorded a drop in home prices month over month.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">U.S. home prices grew 0.5% in August on a seasonally adjusted basis, the largest month-over-month increase since April.\u00a0 On a year-over-year basis, home prices rose 6.7%, the lowest annual increase since January.\u00a0<\/span><\/p>\n<div id=\"viz1726519224026\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;RepeatSaleIndices&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/RepeatSaleIndices\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/RepeatSaleIndices\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1726519224026');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1450px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/r\/repeatsales-method.asp#:~:text=The%20repeat%2Dsales%20method%20assesses,in%20homes%20with%20varying%20characteristics.\"><span style=\"font-weight: 400;\">method<\/span><\/a><span style=\"font-weight: 400;\"> to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It\u2019s similar to the S&amp;P CoreLogic Case-Shiller Home Price Indices but is published more than one month earlier. August data covers the three months ending August 31, 2024. Read the full RHPI methodology<\/span> <a href=\"https:\/\/www.redfin.com\/news\/redfin-home-price-index\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home prices continue to rise in part because there aren\u2019t enough homes for sale.\u00a0 Housing supply is <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-becoming-more-affordable\/\"><span style=\"font-weight: 400;\">up 16.7%<\/span><\/a><span style=\"font-weight: 400;\"> from a year ago, but is still down almost 30% from pre-pandemic levels.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cPrices kept creeping up during this unusually slow summer for home sales as mortgage rates came down and supply remained stubbornly low,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. &#8220;If mortgage rates fall further this fall\u2014and we expect they will\u2014price growth will likely pick up as more prospective homebuyers come off the sidelines .&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage affordability could improve as soon as tomorrow, depending on how much the Federal Reserve <\/span><a href=\"https:\/\/www.redfin.com\/news\/august-cpi-report-analysis\/\"><span style=\"font-weight: 400;\">cuts interest rates<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Summary: Redfin Home Price Index, August 2024<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Twenty (40%) of the 50 most populous U.S. metro areas recorded a seasonally adjusted drop in home prices in August, month over month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The biggest decline in August was in San Antonio, TX (-2.4%), followed by Warren, MI (-0.9%) and Oakland, CA (-0.7%). The highest month over month gains were recorded in Philadelphia (1.5%), Detroit (1.3%), and Providence, RI (1.2%).<\/span><\/p>\n<div id=\"viz1726519283388\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;DownloadData&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/DownloadData\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/DownloadData\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1726519283388');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1450px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices grew 0.5% month over month in August, the fastest pace since April. On a year-over-year basis, home prices rose 6.7%, the smallest annual increase since January. 20 of the 50 most populous U.S. metros recorded a drop in home prices month over month. U.S. home prices grew 0.5% in August on a seasonally [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":74916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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