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Home Prices May be Cooling to ‘More Sustainable Trajectory’
Ruth Mantell / Market Watch / September 3, 2013
Racing home prices may be cooling down, shifting the market to a “more sustainable trajectory,” according to a Tuesday research note.
Home prices rose 1% in July, above June’s growth of 0.7%, but down from a recent peak of 1.8% in January, according to seasonally adjusted estimates from research firm Capital Economics.
“This picture, of a gentle easing in the pace of house price growth, is becoming noticeable across many of the house price measures,” according to a note from Paul Diggle, property economist at Capital Economics. “Slowing house price growth is consistent with the loosening in supply conditions observed in recent months… On balance, slower price gains will be a welcome development.