August data provided by the S&P CoreLogic Case-Shiller Indices, suggests that the growth in housing prices, while still very strong, may be beginning to decelerate.

"We have previously suggested that the strength in the US housing market is being driven in part by a reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes," Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI, said in prepared comments.  "More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred anyway over the next several years, or reflects a secular change in locational preferences. 

"August's data are consistent with either explanation. August data also suggest that the growth in housing prices, while still very strong, may be beginning to decelerate," he concluded.