file photo
the staff of the Ridgewood blog
Ridgewood NJ, Home prices are still higher than they were a year ago, but gains are rapidly decelerating at the fastest pace on record. Prices in August were 13% higher nationally compared with August 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is down from a 15.6% annual gain in the previous month. The 2.6% difference in those monthly comparisons is the largest in the history of the index, which was launched in 1987, meaning price gains are decelerating at a record pace
BUT DOES IT HAVE A JAPANESE KOI POND? https://theridgewoodblog.net/but-does-it-have-a-japanese…/
The 10-city composite, which tracks the biggest housing markets in the United States, rose 12.1% year over year in August, versus a 14.9% gain in July. The 20-city composite, which includes a broader array of metropolitan areas, was up 13.1%, compared with a 16% increase the prior month.
“As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive, and housing becomes less affordable,” Lazzara said. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate” , says Craig J. Lazzara, managing director at S&P DJI, said in a media statement.
Mortgage rates reached a 20-year high last week, climbing to 6.94 percent and more than doubling interest rates from a year before.