The latest housing market data reveals that despite below-trend overall growth, the National Index reached its 18th consecutive all-time high. The 10-city and 20-city composite indexes showed minimal monthly changes with annual gains of 4.9% and 4.3%, respectively. Notably, New York had the highest annual price increase, while Tampa recorded its first annual price decrease in over a year. The Federal Housing Finance Agency reported similar trends, indicating that annual house price growth is moderating due to rising mortgage rates, impacting demand across all nine Census divisions.
Despite overall below-trend growth, the National Index achieved its 18th consecutive all-time high as both the 10-city and 20-city composite indexes showed little change monthly.
In November, New York led the annual price gains at 7.3%, while Tampa experienced its first annual decline in over a year, marking a significant shift in trends.
The Federal Housing Finance Agency's data also indicated a moderation in annual house price gains, suggesting that rising mortgage rates are impacting buyer demand.
The overall annual growth in house prices has slowed down across all regions, with notable effects in the once high-performing Southern markets.
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