Housing markets across the country are seeing home price growth slow, led by Sacramento, Calif., according to a new report by First American.
The pandemic housing boom is officially over. Home price appreciation has stalled, with markets in the West leading the nation in declines, according to a new report.
“Pandemic Boom Markets Cooling the Fastest,” a report from First American, looked at affordability as part of its Real House Price Index, and found that the doubling of mortgage rates has seriously hit home buyers’ spending potential. “Prices are coming down, appreciation is moderating in the housing market more broadly. We’re still selling 4.7 million homes a year, the typical amount of time is 19 days to sell a home — this doesn’t sound like a recession,” Fleming said.
The market with the strongest deceleration was Sacramento, where home price appreciation peaked in July 2021 at 23.5% and slowed to 4.6% in August. “Buying real estate in the United States is viewed as a safe place to park your money, and you also get to spend some time in it,” he said.