{"id":1440995,"date":"2023-11-28T14:09:19","date_gmt":"2023-11-28T19:09:19","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1440995"},"modified":"2023-11-28T14:09:19","modified_gmt":"2023-11-28T19:09:19","slug":"us-home-prices-rose-for-the-7th-straight-month-in-september-led-by-detroit","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-home-prices-rose-for-the-7th-straight-month-in-september-led-by-detroit\/1440995\/","title":{"rendered":"US Home Prices Rose For the 7th Straight Month In September… Led By Detroit!"},"content":{"rendered":"

US Home Prices Rose For the 7th Straight Month In September… Led By Detroit!<\/span><\/p>\n

\n

Home prices in America’s 20 largest cities rose for the 7th straight month in September (the latest data released by S&P Global Case-Shiller today), up 0.67% MoM (slightly worse than the +0.8% MoM expected).<\/p>\n

That pushed the YoY rise in prices up 3.92% – the fastest pace since Dec ’22 – but as the chart shows the MoM gains are slowing rapidly.<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

“On a year-over-year basis, the three best-performing metropolitan areas in September were Detroit (+6.7%), San Diego (+6.5%), and New York (+6.3%)<\/strong>,” according to Craig J. Lazzara, Managing Director at S&P DJI.<\/p>\n

“We\u2019ve commented before on the breadth of the housing market\u2019s strength, which continued to be impressive. On a seasonally adjusted basis, all 20 cities showed price increases in September”<\/strong><\/em><\/p>\n

<\/a><\/p>\n

But, judging by the resumption of the rise of mortgage rates since the Case-Shiller data was created, we would expect prices to also resume their decline<\/strong>…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Inventory is increasing (as homebuilders dump new homes on to the market), but existing home-buyers and -sellers are stuck still (affordability for the former and the mortgage cost gap for the latter), and – despite the market’s hopes – The Fed isn’t cutting rates any time soon (unless the economy utterly collapses). Be careful what you wish for…<\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 11\/28\/2023 – 09:09<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/us-home-prices-rose-7th-straight-month-september-led-detroit<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

US Home Prices Rose For the 7th Straight Month In September… Led By Detroit! Home prices in America’s 20 largest cities rose for the 7th…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1440995","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1440995"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1440995\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1440995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1440995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1440995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}