The Case-Shiller 20-city home price index was down 0.5% year-on-year in October, after a fall of 1.2% in prior month.
The numbers: The S&P CoreLogic Case-Shiller 20-city house price index fell 0.5% in October, its fourth monthly decline.A broader measure of home prices, the national index, fell a seasonally adjusted 0.3% in October from September.
A separate report from the Federal Housing Finance Agency showed home prices remaining flat in October, down from a 0.1% gain the prior month.Key details: Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in October. All 20 cities reported lower price increases.
Big picture: Housing is in a slowdown, but affordability hasn’t returned. Homes are still expensive, as mortgage rates remain above 6%, and inventory of homes available for sale remains low.
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