House prices in the US fell by almost 2%
2022.11.29 09:34
House prices in the US fell by almost 2%
Budrigannews.com – According to new data released on Tuesday, the housing market in the United States was well on its way down by the end of the summer, as selling prices fell for a third consecutive month in September.
According to S&P, the company’s prices from 20 major metropolitan markets decreased by 1.5% in September, following decreases of 1.6% in August and 0.8 percent in July. The implosion of the subprime credit bubble led to the biggest monthly price drop since the Great Financial Crisis in 2008.
The Federal Reserve’s series of interest rate hikes has drastically reduced the amount of debt that most families are able to take on to finance a home purchase.
As a result, the rise in prices slowed to 10.4%, its lowest level since the end of 2020.Prices were still rising at an annual rate of over 20% just five months ago.
