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Home Price Gains Drop to Lowest Level in Almost 2 Years
November 27, 2018
Home prices rose 5.5 percent year-over-year in September, down from 5.7 percent in the previous month. This marks the lowest annual increase since January 2017.
Values continue to rise, but the housing market is lagging behind the rest of the economy, as interest rates continue to rise and affordability is at its lowest level in over a decade. Sales of both new and existing homes peaked in November 2017, and have seen a steady decline since then.
The areas that have seen the largest increase in value are those that were hit the hardest in the housing crash, with Las Vegas, Phoenix, and Tampa seeing the largest gains.
