Idaho was the only state to record double-digit year-over-year home price gains in August, up 11.6 percent, while Connecticut was the sole state recording a decline with a 0.5 percent dip. CoreLogic also determined that 37 percent of the nation’s 100 largest metro areas had an overvalued housing market in August, while 40 percent were at value and 23 percent were undervalued.
Looking ahead, CoreLogic is forecasting annual price growth of 5.8 percent by August 2020 and a 0.3 percent uptick from August to September of this year.
“The 3.6 percent increase in annual home price growth this August marked a big slowdown from a year earlier when the U.S. index was up 5.5 percent,” said Frank Nothaft, chief economist at CoreLogic. “While the slowdown in appreciation occurred across the country at all price points, it was most pronounced at the lower end of the market. Prices for the lowest-priced homes increased by 5.5 percent, compared with August 2018, when prices increased by 8.4 percent. This moderation in home-price growth should be welcome news to entry-level buyers.”