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What you need to know
- A widely-watched index shows that home prices increased by 3.9% from August.
- Since February, the annual price growth has been falling every month as mortgage rates have continued to make payments unaffordable for many potential buyers. This is dampening the demand.
- Recent months have seen the worst sales numbers in decades.
The U.S. housing market continued to be impacted by high mortgage rates, which pushed prices down in September.
The national S&P Case-Shiller Home Price Index rose 3.9% over 12 months in September, down from a 4.3% increase in August, Dow Jones Indices said Tuesday. This upswing took the index at a new record high. However, the price rises have become smaller in the last few months. Since February, when the prices increased 6.5% over the previous year, annual price increases have been slowing down every month.
The rapid rise in house prices after the pandemic combined with the high rates of mortgages over the last few years have made monthly payments unaffordable for most buyers. This has hampered home sales.
“Sales prices of existing homes falling is a bit of good news for buyers, and while 2024 will go down as one of the worst years for sales, maybe we’re finally seeing a sustained deceleration in price increases,” Robert Frick wrote about his experience as a corporate economist with Navy Federal Credit Union in a recent commentary.
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