US house price growth continues in September
By Michele Maatouk
Date: Tuesday 29 Nov 2022
(Sharecast News) - US home price inflation continued to slow in September, dragged lower by fast-rising interest and mortgage rates, surveys showed.
The Federal Housing Finance Agency's House Price Index edged up at a seasonally adjusted month-on-month pace of 0.1% (consensus: -1.3%).
In annual terms meanwhile the rate of increase in the index slowed from 11.9% to 11.0% (Barclays Research: 9.8%).
The 20-city S&P Corelogic Case-Shiller home price index meanwhile fell by 1.5% versus August.
That pushed the annual rate down from 12.9% to 10.4% (consensus: 10.7%).
"As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable," Craig J. Lazzara.
"Managing Director at S&P DJIGiven the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken."
"We look for y/y home price growth to fall close to 5% in Q4 and to turn modestly negative in mid-2023," chipped in Nancy Vanden Houten, lead US economist at Oxford Economics.
"However, we continue to expect a tight supply of homes for sale to prevent a more severe fall in prices for existing homes."
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