Home Prices Fell in October for Fourth Straight Month
Home prices declined in October from the previous month as higher mortgage interest rates continued to weigh on home-buying demand.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, fell 0.5% in October compared with September, the fourth straight month-over-month decline.
On a year-over-year basis, the index rose 9.2% in October, down from a 10.7% annual rate the prior month.
A surge in mortgage rates this year brought an end to a pandemic-driven housing boom that drove up sales prices and pushed many...