In a report released this week by CoreLogic, home appreciation slowed to an 11-month low in 20 major U.S. cities, according to July year-over-year numbers. The combined national rate fell to 5.9% year-over-year, from 6.4% in July 2017, according to the data collected. 15 of 20 cities saw smaller monthly increases in July 2018 than in July 2017. Of the 5 cities posting gains, Los Angeles showed a 6.4% increase in appreciation.
While the national housing market twists and turns, the Federal Reserve announced this week that it would raise short-term interest rates by another .25%, and central-bank officials signaled they expected to lift them again later this year and through 2019 to keep a strong economy on an even keel.
The increase, which drew rebukes from Republican leaders, is the 3rd this year and the 8th since the Fed began to lift rates in late 2015 after keeping them pinned close to zero after the 2008 financial crisis. The Fed’s action marks the first time it has lifted its benchmark rate above 2% since 2008.