Housing market cools slightly in August

Housing market cools slightly in August

Housing market cools slightly in August
An uptick in inventory giving buyers more options has led to a slight cooling of the housing market in August, according to new data. Although prices continue to accelerate at a rapid pace in some regions, like San Diego, the minor improvements are still welcome news for buyers.

According to Zillow, August’s monthly appreciation in home values slowed for the first time since January to 1.75 percent. Although this is down from 1.97 percent at the beginning of the year, it is still the third-fastest monthly pace in more than 20 years.

On an annual basis, home values are up 17.7 percent nationwide. However, that nearly record pace is dwarfed by the mega growth in Austin (44.8 percent), Phoenix (31.8 percent), Salt Lake City (27.9 percent) and San Diego (26.9 percent).

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.