Home prices in US cities, particularly in the west, are cooling as rising mortgage rates have shrunk the pool of property shoppers.
In April, annual growth in US prices peaked at 21 per cent, according to property company Zillow’s home value index. By last month, that had fallen to 14 per cent. Prices in the US residential property market are resetting, says Zillow senior economist Jeff Tucker, “but it’s too soon to tell how big a price reset it will be”.
In July, the S&P Case-Shiller index, which measures house prices in 20 US cities, recorded its first monthly decline in a decade, dropping by 0.44 per cent. In August, the median house price in the US was $356,054 according to Zillow, only about $1,500 down from its all-time high in June.
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