Source: Fox Business —
Home prices declined again in November as higher mortgage rates continued to weigh on consumer demand for new houses.
Prices slid 0.6% nationally in the period from October to November, the fifth consecutive monthly decline, the S&P CoreLogic Case-Shiller index showed on Tuesday.
On an annual basis, the index climbed 7.7% in November.
“The home price data released today do not account for the full impact of rising mortgage rates, which were above 7% early in November, and led to a significant pullback in buyer activity,” said Lisa Sturtevant, the chief economist at Bright MLS. “In many local markets across the country, home prices have fallen precipitously from their summer peaks as buyers were forced out of the market due to affordability challenges.”
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