US single-family home prices rose 1.8% year-over-year in August, with a slight monthly decline of 0.1%. Buyer activity dropped after August's mortgage rate spike, leading to forecasts of price declines through winter and 1.3% full-year 2026 appreciation. Illinois led gains at 6.8%, while Washington, Texas, and Hawaii saw negative growth. Cooling trends spread to 31 metro areas. Higher mortgage rates and affordability challenges will favor markets with lower entry prices and strong job growth.
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