US housing price slowdown continues as mortgage financing poses headwind

Source: S&P Global — 

U.S. home prices rose 9.2% year over year in October 2022, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

Despite the annual rise in home prices during the month, the price hike was still weaker compared to the index’s 10.7% year-over-year increase in September 2022. U.S. home prices are expected to remain under pressure as “mortgage financing continues to be a headwind for home prices,” said Craig Lazzara, managing director at S&P Dow Jones Indices.

Home price drop continues; Miami leads the way

The 20-City Composite Index posted a year-over-year increase of 8.6%, compared to 10.4% in the previous month, even as housing prices continued to slow down in all 20 cities covered in the index.

The 10-City Composite Index increased 8.0% year over year, weaker than the 9.6% rise seen in September 2022.