Home-price growth looks to be continuing to decelerate into the housing market’s fall slowdown, according to a new report from Redfin.
Redfin’s latest Home Price Index (RHPI) data saw home prices rise 0.25% month-over-month in August, down from the 0.26% growth seen in July and the 0.27% growth in June.
This trend tracks with what the S&P Cotality Case-Shiller Home Price Index has been observing so far in 2026, with the latest report for June recording the 13th consecutive month of decline in home values.
Of note, the RHPI tracks home prices similarly to the S&P Cotality Case-Shiller Home Price Index—measuring how prices of homes have changed since their previous sale—but reports one to two months earlier.
“Slowing price growth is good news for buyers because it means waiting for the right home is less likely to come with a rapidly rising price tag,” said Chen Zhao, Redfin’s head of economics. “Buyers can afford to be choosy and negotiate. Sellers should recognize that pricing too high in today’s market could mean their home sits on the market–and they may eventually have to cut the price. Pricing realistically from the start is a good way to attract attention.”
Redfin also noted that August was the “strongest buyer’s market on record” for the portal, with data showing 58% more home sellers than buyers during the month due to a surge in listings. Additionally, some of the Sun Belt saw over 100% more sellers than buyers.
Because homeowner equity and the lock-in effect still remain fairly strong, price growth is still advanced in year-over-year terms. Specifically, Redfin noted that home price growth was up 3.7% year-ober-year, which was the portal’s fastest tracked annual growth rate.
Regional picture
While home prices did still rise in 50 of the largest metros, there were some notable declines.
Austin, Texas and Charlotte, North Carolina led the way with the largest month-month declines at 0.7%, followed by Milwaukee, Wisconsin (-0.6%); Warren, Michigan (-0.6%); and Fort Lauderdale, Florida (-0.5%).
Year-over-year, Texas once again led the charge as Dallas, Texas saw the largest fall at -1.4%, followed by Austin, Texas (-1%); Fort Worth, Texas (-0.7%); San Antonio, Texas (-0.4%); and Seattle, Washington (-0.1%).
On the other hand, the largest month-over-month increases were seen in St. Louis, Missouri (+1.1%), followed by Pittsburgh, Pennsylvania (+1%), San Antonio, Texas (+0.9%); San Jose, California (+0.9%); and Baltimore, Maryland (+0.9%).
Year-over-year, San Francisco, California saw the largest home price growth at a whopping 12%, followed by West Palm Beach, Florida (+10.4%); Chicago, Illinois (+9.2%), Nassau County, New York (+8.1%); and Miami, Florida (+8%).
