Owner-occupied home prices rose slightly again last month compared to the previous month. However, prices are much lower than the previous year.
In August, homebuyers paid an average of 0.6% more than they paid in July, according to figures from the CBS statistics agency. This is the third month in a row that prices have risen after falling for nearly a year. Compared to last year, owner-occupied homes remained 4.8 percent less expensive in August.
For many years, owner-occupied homes have become more expensive. Home prices rose very quickly, especially in 2021 and 2022, sometimes by more than 20 percent in one year. But last fall that ended.
This was because mortgage rates were rising rapidly. This means that people can borrow less and thus put forward less to buy a home. But since June this year, prices have risen slightly again.
Fewer homes sell
The number of homes sold decreased. Last month, 15,934 homes changed hands. This is approximately 3 percent lower than the previous year. Measured over the entire year, 7 percent fewer homes have been sold so far.
The above figures only refer to existing buildings. New construction is not included in the CBS data.
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Courtney Horton is a contributor at Houstonian Online, covering news, politics, business, technology, sports, entertainment, and lifestyle topics. She focuses on clear, accurate, and reader-friendly reporting, providing useful information and timely coverage of current events, trends, and stories that matter to communities and everyday readers.