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Inflation In US House Prices Slows Down In November



Inflation In US House Prices Slows Down In November

(CTN News) – In November, US House Prices single-family home price growth slowed further, as surveys showed on Tuesday, which may help to slow the market’s slide further into recession if combined with a decline in mortgage rates in the coming months.

According to the S&P CoreLogic Case Shiller national home price index, covering all nine United States census divisions, house prices increased by 9.2% year-over-year in November, a decline from the 10.7% increase recorded in October.

During the COVID-19 pandemic, remote work surged to a record high, resulting in a boom in the housing market, with prices reaching record highs in the process.

During the past couple of years, the Federal Reserve has been raising interest rates faster than it has in decades, which has resulted in a housing bubble.

The housing market could soon stabilize despite falling mortgage rates and easing house prices inflation, albeit at a depressed level. This is because of falling mortgage rates and lower house prices inflation.

Based on data from mortgage finance agency Freddie Mac, the average 30-year fixed mortgage rate ticked down to an average of 6.13% last week, which is the lowest level since mid-September, according to the latest figures.

As a result, the rate dropped from 6.15% to 6.08% the previous week, which is the lowest rate since 2002. The rate has fallen from an average of 7.08% early in the fourth quarter, which was the highest rate since 2002.

As the year progresses, it remains at a level that is well above the 3.55% that was seen during the same period last year.

“As rates have come down in the first weeks of the new year, housing market activity has begun to thaw out, but 2023 should still be a relatively quiet year for the housing industry.

Many expect House Prices to flatline at the earliest in 2023,” said Nicole Bachaud, a senior economist at Zillow in Seattle.

Moreover, according to a separate report released by the Federal Housing Finance Agency, House Prices have increased by 8.2% over the past year, following an increase of 9.8% in October.

Are house prices in the US falling?

Morgan Stanley has predicted a 10% drop in housing prices from June 2022 to 2024. This is juxtaposed with the 45% pricing increase the U.S. housing market saw between December 2019 and June 2022.


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