November Home Price Gains Slowing , Still up 5.1% YoY

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Posted To: MND NewsWire

Home prices grew by an estimated 0.4 percent in November according to CoreLogic’s Home Price Index (HPI) and were 5.1 percent higher than at the end of November 2017. These figures indicate a significant slowdown in the rate of appreciation nationally over the past year. The company reported a 1.0 percent gain for the month of November 2017 and, at that point, prices were up 7.0 percent year-over-year. CoreLogic’s chief economist Frank Nothaft said, “The rise in mortgage rates has dampened buyer demand and slowed home-price growth. Interest rates for new 30-year fixed-rate loans averaged 4.9 percent during December, the highest monthly average since February 2011. These higher rates and home prices have reduced buyer affordability. Home sellers are responding by lowering their asking price…(read more)

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