According to CoreLogic’s national home value index, the rate of price growth continued to moderate in August with dwelling values up 1.5%; a rate of growth that is still well above average, but the lowest monthly rise since January.
CoreLogic's research director, Tim Lawless, said the slowing rate of growth probably has more to do with worsening affordability constraints than ongoing lockdowns.
“Housing prices have risen almost 11 times faster than wages growth over the past year, creating a more significant barrier to entry for those who don’t yet own a home. Lockdowns are having a clear impact on consumer sentiment, however to date the restrictions have resulted in falling advertised listings and, to a lesser extent, fewer home sales, with less impact on price growth momentum. It’s likely the ongoing shortage of properties available for purchase is central to the upwards pressure on housing values.”
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