Tags: homes | prices | real estate | mortgages | interest rates | housing | costs

Annual US Home Prices Rise Again, Up 6.3%

Annual US Home Prices Rise Again, Up 6.3%
A home for sale in South Barrington, Illinois. (Scott Olson/Getty Images)

Tuesday, 26 December 2023 09:16 AM EST

Annual home prices in October rose again, pointing toward continued recovery of the housing market, data Tuesday showed.

A Federal Housing Finance Agency (FHFA) report showed home prices grew 6.3% on a yearly basis, up from a revised 6.2% the month prior.

Annual price growth began to accelerate in June after declining steadily since February 2022. Prices increased moderately by 0.3% on a month-to-month basis after climbing by 0.7% the month before.

Rates on the most common home loan neared 8% in October, reaching a two-decade high on the back of the Federal Reserve's rate hike cycle.

The Fed left its policy benchmark interest rate unchanged for three consecutive meetings, bolstering expectations of a closing rate hike cycle and stoking a rally in the bond market.

The average rate on a 30-year fixed-rate mortgage fell below 7% in December, as yields on mortgage-backed securities headed down. Existing home sales have risen moderately since then, gaining 0.8% in November and indicating softening rates may draw sellers from the sidelines and open up inventory to prospective buyers, a National Association of Realtors report released in December showed.

The Mid-Atlantic and New England regions experienced the largest gains in October, of 9.9% and 9.7%, respectively, according to the FHFA report.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Annual home prices in October rose again, pointing toward continued recovery of the housing market, data Tuesday showed.
homes, prices, real estate, mortgages, interest rates, housing, costs
207
2023-16-26
Tuesday, 26 December 2023 09:16 AM
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