And so it continues. Atlanta, Chicago, Minneapolis and Las Vegas were all added to the list of major U.S. metros where house price increases have slowed year over year.

Of 20 major metropolitan areas, 16 saw smaller house price increases in the last 12 months than during the previous 12.

Of the 20 US metropolitan areas covered by the S&P CoreLogic Case-Shiller Home Price Index, only 4 metro areas – Phoenix, Miami, Washington DC and Cleveland – saw faster house price increases in the last 12 months compared to the previous 12 months.

Case-Shiller Momentum

Less Than Inflation

House price increases in San Diego were less than the inflation rate over the last 12 months — house prices increased 1.3% from January 2018 to January 2019 but inflation increased 1.6%.

San Francisco which had often been one of the fastest appreciating markets over the last several years, only appreciated 1.8%, barely above the inflation rate.

Seattle which was the hottest real estate market in the country in 2016, 2017 and the first half of 2018 hit the brakes hard last summer and annual appreciation went from 13% (January 2017 to January 2018) to 4% (January 2018 to January 2019).

Appreciation Last 12 Months

The big question is whether home price appreciation is resetting at lower, more sustainable levels or whether we’ve entered a longer-term change in price direction that foreshadows future home price decreases.

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