Key facts
- US single-family house prices rose 0.3% in August.
- Annual house price gains slowed to 2.4% in August from 2.5% in July.
- The average rate on a 30-year fixed-rate mortgage was 7.32% last week.
US single-family house prices continued to rise in August, with a 0.3% monthly increase, according to the Federal Housing Finance Agency. This follows a downwardly revised 0.2% gain in July. Annually, prices were up 2.4% through August, a slight deceleration from 2.5% in July. The housing market faces affordability challenges due to high home prices and mortgage rates, which have surged amid global conflict and inflationary pressures. The average rate for a 30-year fixed-rate mortgage stood at 7.32% last week, though it has eased slightly from its peak.