The first, from the Federal Housing Finance Agency data shows that despite a 1.2 per cent rise in prices compared to the previous quarter and a 5.6 per cent rise compared to the second quarter of 2015, the monthly increase in each of the three months was 0.2 per cent.
This is a much more modest pace of appreciation than we’ve seen in some time and most likely reflects accumulated pressures from significantly reduced home affordability,” FHFA economist Andrew Leventis said.
Meanwhile, the National Association of Realtors reported that existing home sales in July slipped 3.2 per cent to a seasonally-adjusted annual rate of 5.39 million. It was the first time since November 2015 that year-over-year sales declined.
Sales have been heavily impacted by low inventory, in turn boosting prices and increasing affordability issues.
More market update:
Home sales and prices have moderated south of the border according to two new reports.