Markets & Economy

FNC: Home prices face slow growth after 5-month roll

Prices still up 5 percent year over year
  • Home price growth slowed earlier than expected during the summer.
  • A number of markets are still seeing above-average appreciation on a year-over-year basis.
  • It appears the last markets to recover -- ones in the Midwest, along with Las Vegas and Southern California's Inland Empire -- have done so.

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Spanning June to July, U.S. home prices rose by only 0.2 percent, breaking a five-month streak where 1.1 to 1.3 percent gains occurred. July’s month-over-month increase falls short of what is typically expected for the end of the summer homebuying season. “It marks one of the weakest June-to-July seasonal growths since the housing market upturn in the past 3 1/2 years,” according to FNC Residential, which just released its monthly home price index. The fact that home prices are already showing signs of retreat is a reminder there remains a great deal of uncertainty in the market, FNC added. Markets that saw the largest month-to-month drop in home prices included: Cincinnati (-2.4 percent) Tampa (-2.4 percent) San Francisco (-2.2 percent) Columbus, Ohio (-2.2 percent) San Diego (-1.7 percent) San Antonio (-1.1 percent) San Francisco image via Shutterstock. Month-over-month home prices dropped by 0.1 to 0.9 percent in a number of other marke...