Home prices across the United States moved up again in September. The Federal Housing Finance Agency reported in late November reported a 6.1 percent year-over-year increase in home prices for September, up from a revised 5.8 percent increase the previous month.
The FHFA’s quarterly analysis revealed a 5.5 percent annual increase in house prices between the third quarter of the previous year and the corresponding period this year.
September home prices were up 2.1 percent compared to the second quarter of this year.
The report highlighted a moderate month-over-month price increase in line with recent patterns. Prices in September rose by 0.6 percent, slightly lower than the upwardly revised 0.7 percent increase in August.
Mortgage loan costs dipped to a two-month low last week after reaching nearly 8 percent in October, the highest level in more than 20 years. However, low housing inventory has effectively supported property prices, preventing significant declines.
Earlier this month, the Federal Reserve opted to maintain its benchmark overnight lending rate, holding steady after a climb from near-zero levels in March 2022 to the range of 5.25 percent to 5.50 percent in July 2023.
Analysts currently foresee no further rate hikes, projecting a potential rate cut in May next year. The Fed has indicated its intention to raise interest rates only if progress in curbing inflation stalls.
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