Home Prices No Longer Increasing By Double Digits

1 year ago
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Home Prices No Longer Increasing By Double Digits

Home Prices No Longer Increasing by Double Digits. For over two years, monthly stats on home-price increases have reported something over 10%, but in Oct., Case-Shiller found 9.2%. Meanwhile the Federal Housing Finance Agency (FHFA), said annual home price growth slowed to 9.8% in October from 11.1% in September, marking that index’s first non-double-digit gain since September 2020. In December, the Fed raised rates again by half a percentage point, capping a year that saw its benchmark rate shoot from near zero in March to between 4.25% and 4.5% now – the swiftest rates have risen since the early 1980s. New single-family housing starts and permit issuance skidded to a two-and-a-half-year low last month as well. ‘As the Fed tightens financial conditions, the housing market will likely slow further in the coming year,’ LPL Financial Chief Economist Jeffrey Roach said.

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