The more-than-doubling of mortgage rates this year has sidelined potential buyers and slowed demand, leading sellers to list fewer properties.
“As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable,” Craig Lazzara, a managing director at S&P Dow Jones Indices, said in a statement Tuesday. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”
Although prices are rising year-over-year, they are slowing fast. A nationwide gauge increased 10.6% in September from a year earlier, down from a nearly 13% gain in August. Of the 20 large US cities, Miami and Tampa, Florida, as well as Charlotte, North Carolina, posted the biggest annual price increases through September. San Francisco and Seattle had the weakest gains.
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