Home price growth in the United States has slowed for the third consecutive month.
Standard & Poor’s said Tuesday that its S&P Korlalogic case-Schiller is the national housing price index. It recorded an annual profit of 19.1% in October, up from 19.7% in September. 20-City Composite recorded 18.4% annual gain, up from 19.1% a month earlier. According to Bloomberg consensus estimates, 20-city results come very close to analysts’ 18.5% annual return expectation.
“By October 2021, US housing prices will have risen significantly, but at a declining rate,” said Craig J. Snyder, managing director and global chairman of S&P DJI’s index investment strategy. Lazarus said. “All 20 cities saw prices rise in the year ending October 2021. The October increase was the first quintal of historical experience for 19 cities and 17 of them ranked first in diesel. Decreased.
Despite the slowdown in the pace of growth, according to Lazarus, the October reading was the fourth-highest in the 34-year data of the National Index. The first three months are the three months preceding October. Historically low inventory, low interest rates and demand for the Govt-19 epidemic have pushed up house prices.
“Since the onset of the epidemic, home prices in the United States have been driven by historically low interest rates, supply restrictions, foreclosures and increased savings on advance payments due to limited options for preferred spending,” said Zillow, a senior economist. In a statement by Guam Donaldson. “Housing price growth is slowing now because many of these supports have expired or diminished, but there are other supports – the US labor market says low unemployment and strong wage growth, the tsunami of millennials reaching the peak of first-time homebuyers, and inventory sales unexpected in October and November Tightened properly. “
Again Phoenix led the 20-City Composite with an annual gain of 32.3%. Tampa and Miami recorded annual increases of 28.1% and 25.7%, respectively.
In all major cities reported by the CoreLogic S&P Case Schiller Index, house prices are rising at double – two to three times faster than a year ago, “said Selma Hep, CoreLogic’s chief economist. Buyers will be limited. Together, these two factors will continue to cover housing price acceleration.
Last week, the National Association of Real Estate Owners said The average current house price for all types of housing increased by $ 353,900, 13.9% in November Since November 2020 ($ 310,800), rising prices across the United States indicate that prices are still heading north.
Rising prices are bad news, especially for first-time home buyers. In November, the share of first-time home buyers fell to 26% from 32% a year earlier, according to NAR.
But first-time home buyers are optimistic that inventory will increase in the new year, according to a new survey by Realtor.com. Seventy-two percent of first-time home buyers expect to buy in 2022.
“In the face of competitive market dynamics, our latest survey shows that First time home buyers make adjustments Compared to 8 out of 10 people in our previous survey last spring, 9 out of 10 plan to use some sort of tactic to keep the competition going, ”Realtor.com chief economist Daniel Hale said in a statement before the results.
Amanda Fung is a teacher at Yahoo Finance.