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After peaking in June, U.S. home prices continued to slide in August.
The S&P Cotality Case-Shiller U.S. National Home Price index ticked down by 0.3 percent in August from July, after falling about 0.2 percent the month before.
While August’s reading was 1.5 percent higher year over year, that growth rate was the weakest annual gain in more than two years, according to S&P Dow Jones Indices, which releases the index. It also lags the country’s 3 percent inflation rate.
In August, the U.S. median home price of a home came in at $439,000, according to brokerage Redfin. The median price fell in September by $3,000 to $436,000.
All but one of the top 20 metropolitan regions saw prices drop in August compared to the month before, according to S&P’s index. Chicago was the lone city whose prices rose month to month, by about 0.3 percent.
Year over year, 11 of the top cities recorded price increases. New York City’s price increases were the highest, at 6.1 percent, and Tampa’s prices fell the most, by 3.3 percent.
New York City’s median home sale price was $875,000 in September, up from $870,000 the month before, per Redfin. Tampa’s also edged up in September, to $410,000 from $405,000 in August.
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As prices dropped — along with mortgage rates — more deals got done. In August, 4.2 million sales of existing homes crossed the finish line, a nearly 0.5 percent increase compared to July. Sales ticked up again from August to September.Additionally, fewer homes are trading above their asking prices, and discounts are growing, according to Redfin. In September, nearly a quarter of homes sold above their asking price, which was 3 percentage points lower year over year. Meanwhile, the typical house sold for 1.4 percent lower than its final listing price, up from 0.9 percent last year.