US Home Price Gains Slowed Again in October
Housing prices continued to rise in October, but at a slower rate than previous months, according to new data.
U.S. housing prices have continued in their stratospheric rise but at a rate somewhat slower than the pattern from previous months, according to the leading source of metrics on the state of the housing market.
On Tuesday, the S&P Dow Jones Indices released its latest data for the S&P CoreLogic Case-Shiller Indices, the leading metric of domestic housing prices. The report noted a 19.1 percent annual gain in housing prices, down from the previous report’s 19.7 percent annual gain, suggesting a subtle deceleration in housing gains even as prices continue to rise.
The report suggested that the housing bull market peaked even before the Federal Reserve announced its new monetary policy entailing three rate hikes next year, which are expected to slow the growth of home prices.
The S&P also noted that housing prices had risen most drastically in several major cities in the American South, noting a bullish trend in parts of the sun belt.
“Phoenix, Tampa, and Miami reported the highest year-over-year gains among the 20 cities in October. Phoenix led the way with a 32.3% year-over-year price increase, followed by Tampa with a 28.1% increase and Miami with a 25.7% increase.”
These findings are largely congruous with a new report by the title insurance company First American, which claims that housing affordability was at its lowest level since 2008. The First American report also described rapid growth in home prices in Phoenix, which First American christened “the city where affordability declined the most.”
Thus, while the trend of rapidly accelerating housing prices has abated somewhat in recent months, real estate continues to accrue value, and it is unclear if this pattern will be reversed in the foreseeable future. As long as the trend continues, home ownership is likely to become more cost prohibitive for middle class families.
The Epoch Times is the fastest-growing independent news media in America. We are nonpartisan and dedicated to truthful reporting.
We are free from the influence of any government, corporation, or political party—this is what makes us different from other media organizations. Our goal is to bring our readers accurate information so they can form their own opinions about the most significant topics of our time.
We don’t follow the unhealthy trend of agenda-driven journalism prevalent in today’s media environment. Instead, we use our principles of Truth and Tradition as our guiding light. We highlight in our reporting the best of humanity, the valuable lessons of history, and traditions that are beneficial for society.
The Epoch Times was founded in the United States in the year 2000 in response to communist repression and censorship in China. Our founders, Chinese-Americans who themselves had fled communism, sought to create an independent media to bring the world uncensored and truthful information.
The Epoch Times has received numerous awards for our reporting and design, including from the New York Press Association, the Society of Professional Journalists, and the Society for News Design.
The Epoch Times’ media network currently covers 21 languages and 33 countries.