Wednesday, November 2, 2022 / by Dave Magua
Home prices continued to fall in September, buyer demand cooled
Home prices continued to fall in September as buyer demand cooled, according to data released Tuesday, compiled by the real estate analytics provider CoreLogic.
The data shows that home prices posted a 0.5 percent decline between August and September and were up 11.4 percent from September 2021 — a relaxed rate of annual growth compared to previous months.
The once out-of-control housing market has largely been brought to heel by the steep increase in mortgage rates, which surpassed 7 percent in October,bringing the share of income required to make a typical monthly mortgage payment up to 30 percent.
Price growth is uneven across the country as some markets that saw unprecedented growth during the COVID-19 pandemic have begun price correction while others are still seeing a sustained rate of migration.
“The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potentia. ...
The data shows that home prices posted a 0.5 percent decline between August and September and were up 11.4 percent from September 2021 — a relaxed rate of annual growth compared to previous months.
The once out-of-control housing market has largely been brought to heel by the steep increase in mortgage rates, which surpassed 7 percent in October,bringing the share of income required to make a typical monthly mortgage payment up to 30 percent.
Price growth is uneven across the country as some markets that saw unprecedented growth during the COVID-19 pandemic have begun price correction while others are still seeing a sustained rate of migration.
“The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potentia. ...
