The Real Deal New York

U.S. home prices grow at slowest rate in two years: report

July's growth rate was the slowest since September 2016
August 18, 2018 12:00PM

Seattle. (Credit Pxhere, Flickr/Maëlick)

The rate of price growth for homes across the country cooled in July for a fifth consecutive month, according to a recent Redfin analysis.

The national median sales price grew at an annual rate of 5.3 percent last month (with median value logged at $307,400), as the brokerage noted in its report cited by Mansion Global. July’s slowdown is notable for reaching a low not seen since September 2016.

Seattle, Portland and San Jose were among housing markets where slower growth was particularly noticeable with respective rates at 8 percent, 4 percent and even 19.3 percent–all of which were city lows in their own right.

“After several years of shrinking inventory and unsustainable price growth, I’m encouraged by these changes,” said Redfin’s senior economist Taylor Marr.

Nationwide, homes sold three days faster in July with a median of 35 days on the market as sales increasing 4.1 percent. Inventory dropped 5.4 percent. [Mansion Global]Erin Hudson