Home prices declined slightly in November while posting yearly gains, suggesting the housing sector has cooled somewhat heading into 2024.
The house price decline came at a time where mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data.
But as more inventory comes on the market and mortgage rates remain elevated, sale prices may be beginning to wilt.
That has led some analysts to say that the market could bounce back as the traditional spring buying season begins.
The index tracks a three-month period when mortgage rates were zig-zagging and ended on a down note, said Danielle Hale, chief economist at Realtor.com.
Persons:
”, Brian Luke, San Francisco, Cleveland –, Luke, “, Freddie Mac, Selma Hepp, Danielle Hale
Organizations:
Dow Jones, Seattle, Cleveland, Midwest, Federal Reserve
Locations:
“, San, Miami, Tampa, Atlanta, Charlotte , New York