The numbers: The S&P CoreLogic Case-Shiller 20-city house price index rise fell 0.5% in October, its fourth monthly decline.
Year-over-year appreciation rose 8.6%, slowing from 10.4% in the previous month.
A broader measure of home prices, the national index, fell a seasonally adjusted 0.3% in October from September.
Key details: Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in October. All 20 cities reported lower price increases.
San Francisco and Seattle reported the lowest year-over-year gains, which have seen prices fall by more than 10% from a peak in May.
Big picture: Months of weaker housing data are finally hitting home prices.
Housing is in a slowdown, but affordability hasn’t returned: Homes are still expensive, as mortgage rates remain above 6%, and inventory of homes available for sale remains low.
What S&P said: “As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be a
headwind for home prices,” Craig J. Lazzara, managing director at S&P DJI, said.
“Given the continuing prospects for a challenging macroeconomic environment, prices may well continue to weaken,” he added.
Market reaction: The Dow Jones Industrial Average
DJIA,
and the S&P 500
SPX,
were up in early trading on Tuesday. The yield on the 10-year Treasury note
TMUBMUSD10Y,
rose above 3.81%.
