Bloomberg writer Sarah Foster reported recently that, “Home-price gains in 20 U.S. cities cooled in August to the slowest pace since 2016, as high borrowing costs and property values limit buyer interest, according to S&P CoreLogic Case-Shiller data released Tuesday.
“August marks the fifth consecutive month that annual price gains in the 20-city index decelerated, reinforcing signs that the housing market is cooling. Other recent reports showed purchases of previously-owned U.S. homes fell in September to the weakest pace in three years, while new-home sales tumbled to the lowest since December 2016. Housing starts also declined in September amid disruptions from Hurricane Florence.”
The article noted that, “Continued job gains and elevated consumer sentiment have helped boost demand for housing, but shortages in available and affordable listings persist. Meanwhile, mortgage rates near a seven-year high have limited buyer interest.”
