U.S. home value growth strong, but slowing
The rate of annual home value appreciation decreased for the seventh straight month in July.
The typical U.S. home is worth $229,000, up 5.2% from a year ago – this is the smallest annual appreciation since October 2015.
Last year at this time, home values rose 7.7% year-over-year.
Still, home values are up 0.3% month-over-month, an indication that values are stabilizing after a period of relatively extreme growth rather than headed for a sustained downturn.
Among the 50 largest U.S. markets, home values have grown the most in Salt Lake City (up 9.4% since July 2018), Indianapolis (up 8.1%) and Charlotte (up 7.3%), although growth is slowing in each of these metros.
Only New Orleans, Birmingham and Oklahoma City saw home values appreciate at a greater rate than a year ago.
Home values have fallen year-over-year in California's San Francisco Bay Area, home to the two most expensive markets in the country.
The value of the typical home fell 10.5% in San Jose and 1.1% in San Francisco.
A year ago, home values were growing 24% annually in San Jose, a 34.5 percentage point difference. ■