Home Prices Hit Another Record High. But Is the Market Slowing Down?

Home prices successful nan U.S. deed different grounds precocious successful September, though prices didn't accelerate arsenic overmuch arsenic successful erstwhile months, arsenic precocious owe rates continued to resistance connected nan lodging market.

The nationalist S&P Case-Shiller Home Price Index roseate 3.9% complete 12 months successful September, down from a 4.3% summation successful August, Dow Jones Indices said Tuesday. The uptick took nan scale to a caller grounds high, though nan yearly value increases person been getting shallower successful caller months. Annual value gains person decelerated each period since February erstwhile prices roseate 6.5% year-over-year.

Rapid increases successful location prices since nan pandemic, mixed pinch precocious owe rates for nan past fewer years, person pushed monthly owe payments retired of scope for galore buyers and stifled location sales.

"Sales prices of existing homes falling is simply a spot of bully news for buyers, and while 2024 will spell down arsenic 1 of nan worst years for sales, possibly we’re yet seeing a sustained deceleration successful value increases," Robert Frick, firm economist astatine Navy Federal Credit Union, wrote successful a commentary.