Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Home Prices Slid in September for Third Straight Month
Case-Shiller index fell 1% in September from August amid higher interest ratesHome prices declined in September from the prior month as higher interest rates made buyers more cautious.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, fell 1% in September from August, the third straight month-over-month decline.
On a year-over-year basis, the index rose 10.6% in September, down from a 12.9% annual rate the prior month.
The pandemic-driven housing-market boom reversed abruptly this year due to a rapid surge in mortgage rates, which made home-buying far less affordable and pushed many buyers out of the market. Existing-home sales fell for nine straight months through October.
Consumer sentiment toward the housing market fell in October to a record low in data going back to 2011, according to Fannie Mae.
https://www.wsj.com/articles/home-prices-slid-in-september-for-third-straight-month-11669730446