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U.S. home prices rose at the slowest annual rate since 2012 in October, reflecting improved affordability in a market that has struggled with high costs for years. Government data showed a 1.7% year-on-year increase, with regional variations ranging from a 0.7% drop in the lower Midwest to a 5.3% rise in the Mid-Atlantic. Monthly prices increased 0.4%, following a slight fall in September. This growth is modest compared to post-pandemic spikes, indicating a more stable market and easing pressure on prospective buyers.
U.S. home prices in October saw their slowest annual rise in over 13 years, indicating signs of improving affordability in a market that has faced challenges for several years. According to the Federal Housing Finance Agency, home prices increased by 1.7% compared with the previous year, slightly below September's upwardly revised growth of 1.8%. This represents the smallest annual price rise since March 2012, when prices began recovering after a five-year slump following the global financial crisis. Advertisement
Regionally, the pace of price changes varied significantly. While the Mid-Atlantic region recorded the highest annual increase at 5.3%, the lower Midwest experienced a slight decline of 0.7%. Monthly data showed a 0.4% increase in October, following a downwardly revised 0.1% fall in September.
The current pace of price growth is a sharp contrast to the years immediately after the COVID-19 pandemic, when work-from-home trends and heightened demand pushed annual home price growth close to 20%. Experts note that this moderation could signal a more balanced housing market and provide some relief to buyers who faced affordability pressures in recent years.
Source Reuters
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