U.S. home price increases in August slowed at the fastest pace on record amid surging mortgage rates, according to a new report.
Prices climbed 13.0 percent nationally in August as compared with the previous year, or down from 15.6 percent in July, according to the S&P CoreLogic Case-Shiller index. It noted that it’s the largest deceleration in the history of the index.
“The forceful deceleration in U.S. housing prices that we noted a month ago continued in our report for August 2022,” Craig Lazzara, with S&P Dow Jone Indices, said in a statement. “Price gains decelerated in every one of our 20 cities. These data show clearly that the growth rate of housing prices peaked in the spring of 2022 and has been declining ever since.”…