Thursday 23 November 2017

US house price rises slow down

The S&P/Case Shiller index showed the pace of US house price rises slowed in September, as higher mortgage rates and concern about a government shutdown affected the market.

US house price rises slow down

Housing prices may be recovering from the crisis, but salaries haven’t, and mortgage financing is getting costlier

November 27, 2013

Case Shiller measures single-family home prices in 20 cities. Rises slowed in 19 cities, while one saw a fall.
The index reported a 0.7% price rise, against a 1.3% gain from July-to-August.

Confidence in the housing market slowed in the run-up to the partial US government shutdown in October, according to a survey by the National Association of Home Builders.

Rising home loan rates have also led to caution among buyers. Fixed mortgage rates have risen almost a full percentage point since late May, when borrowing costs were near record lows.

Despite the slowdown, prices are still 13.3% up on September 2012, the fastest gain for more than seven years.
Meanwhile, in October US developers received approval to build apartments at the fastest pace in five years, according to data from the Commerce Department.

Permits to build houses and apartments were approved at a seasonally adjusted annual rate of 1.034 million, a 6.2% rise on the September rate of 974,000 and the fastest since June 2008.

Nearly all of the increase was for multi-family homes, a sector of residential construction popular in the rentals market.

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