The latest data shows that in October, the USA housing price Index reached a record high for the 17th consecutive month, although the growth rate slowed down with a year-on-year increase of 3.6%, down from 3.9% in September. In addition, prices in the 20 major cities rose by 4.2% year-on-year, also a slowdown from the previous month's 4.6%, with New York City experiencing the highest increase at 7.3%.
Despite the fact that housing prices in the USA have reached a historic high, the growth rate has slowed down, giving buyers more bargaining power.
On December 31, Tuesday, Eastern Time, according to the latest data released by S&P CoreLogic Case-Shiller, the growth rate of housing prices in the USA has slowed down, with the October housing price index rising 3.6% year-on-year, down from 3.9% in September. This data measures the three-month period ending in October, during which the 30-year mortgage rate briefly fell to a two-year low before rising again.
Analysis indicates that despite the rising borrowing costs, the supply of housing on the market has increased, offering buyers more choices and enhancing their bargaining power. Notably, despite the slowdown in growth, the housing price index in the USA has still reached a historic high for the 17th consecutive month.
In addition, the housing price index for the top 20 cities in the USA rose 4.2% year-on-year in October, a decrease from the previous month's 4.6%. Among them, New York still ranks first in annual growth at 7.3%.
Brian Luke, the head of commodities, physical, and digital assets at S&P Dow Jones Indices, stated:
The latest data covers the period before the election, showing a continuous improvement in the USA housing price Index. After eliminating political uncertainty risks, the stock market experienced a rebound. If homeowners can maintain a similar optimistic sentiment, it will have a significant impact on housing prices.