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Since March 2020, homes have appreciated by $88,000, on average
Home prices across the United States continued to climb in August, although at a significantly slower rate than in prior months, rising at an annualized 12.0 percent from the prior month. This marks the second consecutive month of slowing month-over-month appreciation, according to to homegenius Home Price Index (HPI) data released today by homegenius Real Estate LLC, a Radian Group Inc. company (NYSE:RDN). The company believes the homegenius HPI is the most comprehensive and timely measure of US housing market prices and conditions.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220930005083/en/
homegenius Home Price Index (HPI), September 2022 (Graphic: Business Wire)
After setting an all-time high for monthly appreciation at 18.8 percent in June 2022 (annualized), appreciation rates have tempered significantly, slowing more than 35 percent from that peak. Appreciation rates often ebb in winter months of slower housing activity, but typically rise during the more active, summer buying season. The homegenius HPI is calculated based on the estimated values of more than 70 million unique addresses each month, covering all single-family property types and geographies.
“Over the last two months, the impact of major increases in mortgage rates and inflation have finally been realized in the slowing rate of home price appreciation. It is once again clear that home prices are not impervious to the broader economic conditions around the country, ” noted Steve Gaenzler, SVP of Products, Data and Analytics for homegenius Real Estate. “However, the rate of appreciation is still well above the historical norm, at more than 12 percent month-over-month. While it is likely that appreciation rates will continue to drop, homeowners’ equity remains at all-time highs and inventory remains tight.”
Home prices have risen at an annualized rate of 8.0 percent over the last six months (February 2022 to August 2022), and 15.9 percent over the last three months.
NATIONAL DATA AND TRENDS
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Median estimated home price in the US rose to $338,692
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Home price appreciation remains well above historic averages
Nationally, the median estimated price for single-family and condominium homes rose …
Full story available on Benzinga.com
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