New numbers from S&P Case-Shiller show home prices slow down, though prices remain 10.6 percent higher than they were last year at the same time. What does this mean to you as a home seller and how does it affect the many homebuyers out looking at purchasing a new home? If you’re a home seller and still in the frame of mind that your home will receive multiple offers, no contingencies and above asking price by thousands of dollars you may be in for a bit of a surprise. Although home prices remain at record highs there are signs of a cooling sellers’ market as home prices slow to increase in the near future.
On the other hand if your a homebuyer that was struggling to purchase the perfect home this summer with over-bidding, highest and best offers and plan out of reach prices, this might be your time to shine. As many say in real estate, what goes up must come down which is not necessarily a bad thing but rather an adjustment in the housing market,
Home Prices Slow-But Still Beating Last Year’s Highs
The S&P Case-Shiller Home Price Indices have been tracking home price data for nearly 30 years and are considered among the leading measures of U.S. home values. The closely watched gauge looks at the top metropolitan areas in the country and compares today's prices to where they were last year at the same time, as well as where they were last month.
According to the most recent release, home prices are still significantly higher than they were last year at this time, with the national index showing a 10.6 percent year-over-year gain. However, that's down from the 12.9 percent gain in last month's report. Additionally, month-over-month numbers show home prices down slightly. Craig J. Lazzara, managing director at S&P, says prices continue to slow. “Prices declined in every city in September, with a median change of 1.2 percent,” Lazzara said. “Year-over-year price gains in all 20 cities were lower in September than they had been in August.”