Home prices declined in September in all 20 top U.S. cities: Case-Shiller
The numbers: The S&P CoreLogic Case-Shiller 20-city price index fell 1.2% in September, its third consecutive monthly decline.Year-on-year appreciation rose 10.4%, but that reflects the stronger conditions in late 2021. The figure is down from 13.1% in August.
A broader measure of home prices, the national index, fell by a seasonally adjusted 0.8% in September.Sales were strongest in Miami, Tampa and Charlotte.Big picture: Mortgage rates have shot up, making homes less affordable and putting many buyers on the sidelines. Economists think that home prices have further to fall. Federal Reserve officials don’t seem too concerned this process will turn into a deep downturn.
Looking ahead: “Prices have much further to fall before they adjust fully to the ongoing collapse in demand,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Market reaction: Stocks DJIA, -1.45% SPX, -1.54% were set to open slightly higher on Tuesday. The yield on the 10-year Treasury note TMUBMUSD10Y, 3.754% rose to 3.73%.
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