Courtesy of CoreLogic.

The year-over-year pace of national home-price growth decelerated again in July, CoreLogic reported, citing its monthly Home Price Insights (HPI) report.     

Specifically, prices rose 4.3% annually after growing by 4.7% in June. On a monthly basis, prices slid 0.1% from June to July.    

Looking ahead, the CoreLogic HPI Forecast predicts home prices will rise by just 0.2% in August on a month-over-month basis.    

Geographically, no states saw annual price declines in July, while Rhode Island (10.6%), New Jersey (9.7%) and Connecticut (8.3%) had the greatest increases.  

On a city basis, Miami once again posted the highest annual increase among the country’s 20 largest metro areas, at 9.1%, followed by Chicago at 7.2% and Las Vegas at 7%.    

“The question for home prices going forward is whether the upcoming rate cut from the Fed and the expected continuation of falling mortgage rates will be sufficient to motivate potential homebuyers, who may start to fear a cooling labor market and continued uncertainty of a soft landing, along with anticipation around the presidential election,” Chief Economist Selma Hepp said in a press release.  

“And while lower mortgage rates are a boost to affordability and are likely to help buyer demand, the usual fall housing market slowdown is upon us and is likely to contain any significant surge in activity,” she added.