Annual price growth in the increasingly fragile U.S. housing market slid into the single digits in October for the first time in about two years when mortgage rates that month surged above 7 percent and further stifled demand, a pair of closely watched surveys showed on Tuesday.
The S&P CoreLogic Case Shiller national home price index increased by 9.2 percent in October, down from 10.7 percent in September and notching the first single-digit gain since November 2020. Meanwhile the Federal Housing Finance Agency, which oversees U.S. mortgage-finance entities Fannie Mae and Freddie Mac, said annual home price growth slowed to 9.8 percent in October from 11.1 percent in September, marking that index’s first non-double-digit gain since September 2020.
