Home prices across the United States rose at a significantly slower rate for the second month in a row, according to Home Price Index (HPI) data released on September 30th by homegenius, a Radian Group Inc. company. August saw home values rise at an annualized rate of 12.0% from the prior month, slowing more than 35% from the June 2022 annualized peak rate of 18.8%.
In addition to the growth of home values slowing, the inventory of homes for sale continues to grow. According to Realtor.com’s August 2022 research data, the number of homes actively for sale on any given day increased 26.6% over last year. That’s equal to 164,000 more homes for sale on a typical day in August compared to the previous year. The active listing count in Kansas City increased 29.5% in August 2022 versus last year.
If you are considering purchasing a home in the next few months, look into NASB’s Home Buying Advantage and get your loan underwritten upfront. Or call us at 855.465-0753, and we’ll answer any questions you have.