With the 30-year fixed-rate mortgage (FRM) still above 6% and higher levels of inventory, home prices in the U.S. have continued to grow at a modest pace. For the 12 months through October, the S&P Cotality Case-Shiller National Home Price Index rose by 1.4%, slightly higher than 1.3% in September. The index tracks single-family home prices across the U.S.
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“October’s data show the housing market settling into a much slower gear,” said Nicholas Godec at S&P Dow Jones Indices. “National home prices also continue to lag consumer inflation.”
Slower Price Gains and Lower Rates Lift Home-Buying Demand
Home buyers have begun to step up to the plate as home price growth cools. While still relatively high, the 30-year FRM has been on a steady decline since June.
On Monday, the National Association of Realtors (NAR) announced that pending home sales rose by 3.3% in November to their highest level since February 2023, driven by wage growth outpacing home price appreciation and more optionality for buyers.
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