Home Prices No Longer Increasing By Double Digits

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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