Home prices in August saw their biggest 2-month drop in nearly a decade, thanks to higher mortgage rates. The pace of home sales slowed for the 7th straight month.
Both home prices and the pace of home sales are falling nationally as higher mortgage rates cool off the market.
The Federal Reserve has been raising interest rates to fight inflation. Mortgage rates anticipate future moves by the fed and bond markets more broadly, so they rose very sharply earlier this year — from around 3% to up above 6%. Home prices nationally are still up about 8% from a year ago according to the realtor's group. Low supply and strong demand should continue to buoy up prices.
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