Rising home prices decelerate

(NBC) Home prices are still rising across the country but at a much slower pace, according to new data.

The average price for a home in August was up 13% from the same month last year, according to the S&P CoreLogic Case-Shiller Home Price Index.

However, the 13% jump is far less that the 15.6% annual gain seen in July.

That means the rise in home prices appears to be decelerating,

And in fact, that 2.6% difference is the largest deceleration in home prices in the history of the index, which was established in 1987.

The slowdown in home prices follows the rise in mortgage rates this year, which now sits at just over 7%.

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