Home Prices Rise for Ninth Straight Month in October 2023
Despite rising mortgage rates in October, demand for homes remained strong.
Detroit saw an annual gain of 8.1%.
Home prices in the US rose for a ninth straight month in October 2023.
San Diego and New York also experienced gains of 7.2% and 7.1%, respectively.
The national index of home prices increased by 4.8% from October 2022 levels.
According to the latest report from S&P CoreLogic, home prices in the US rose for a ninth straight month in October 2023. The national index of home prices increased by 4.8% from October 2022 levels, with most cities also experiencing a similar increase. The fastest-growing market was Detroit, which saw an annual gain of 8.1%. Other top performers included San Diego and New York, with gains of 7.2% and 7.1%, respectively. Despite rising mortgage rates in October, demand for homes remained strong, leading to continued price growth. With the Federal Reserve signaling a halt to interest rate hikes, homeowners may be poised to see more appreciation in the coming year.
Factors that are not included in other articles' facts and not contradicted by them include: Detroit's 8.1% annual gain in home prices in October.
Factors that are not unique to this article include: The national index rose 4.8% from October 2022 levels.
Factors that are included in all articles but not contradicted by them include: Home prices rose 4.8% nationally in October compared with October 2022, according to the S&P CoreLogic Case-Shiller home price index.
Factors that are unique to this article and not included in any other articles include: The Dallas-Fort Worth area is forecast to be one of the country's top home markets in 2024.
Accuracy
Detroit had the biggest year-over-year gain in home prices at 8.1% in October.
San Diego followed with a 7.2% increase and then New York with a 7.1% gain.
Home price gains in the CoreLogic S&P Case-Shiller Index have increased by 7% since the beginning of the year and are 1% higher than at the peak in 2022, recovering all losses recorded in the second half of 2022.
Given the stronger seasonal gains seen in early 2023, annual home price appreciation should accelerate this winter before slowing again next year.
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The author has a conflict of interest on the topic of home prices and mortgage rates as she is reporting for CNBC, which is a financial news network that may have a vested interest in these topics.
Diana Olick reports for CNBC, a financial news network that may have a vested interest in the topics of home prices and mortgage rates.
Home prices in the US rose for a ninth straight month, reaching a fresh record.
Detroit had the biggest increase, at 8.1%, followed by San Diego with 7.2% and New York with 7.1%.
Portland, Oregon, was the only one of the 20 cities where prices fell year over year.
Mortgage rates now have dropped below 7% and many economists expect them to slide further as the Federal Reserve winds down its inflation-fighting efforts.
Lower rates would give house hunters a boost in purchasing power, and may encourage more owners to list their properties, potentially leading to a softening in prices.
An index by Redfin Corp. showed that price growth slowed for a third straight month in November.
Home prices rose 0.6% from October, the smallest monthly increase since June, and were up 6.4% from a year earlier, the brokerage reported.
Accuracy
Detroit reported the largest year-over-year gain in home prices at 8.1% in October.
San Diego followed with a 7.2% increase and then New York with a 7.1% gain.
Portland, Ore., was the only one of the 20 cities where prices fell year over year.
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The article contains several examples of deceptive practices. Firstly, the author uses sensationalism by stating that home prices have extended records and are rising for a ninth straight month. This statement is not supported by any evidence presented in the article and is likely meant to grab the reader's attention. Secondly, the author uses selective reporting by only mentioning cities where prices rose and ignoring those where they fell. This creates a false impression that home prices are rising across the board when in fact they are falling in some places. Thirdly, the author uses emotional manipulation by stating that many current owners are reluctant to sell due to their cheap loans, which creates a sense of urgency for buyers to act quickly. Finally, the author uses false claims by stating that the US home market is showing signs of life when in fact the Redfin index shows that price growth has slowed for three straight months.
The article states that home prices have extended records and are rising for a ninth straight month. This statement is not supported by any evidence presented in the article and is likely meant to grab the reader's attention.
The author only mentions cities where prices rose and ignores those where they fell, creating a false impression that home prices are rising across the board when in fact they are falling in some places.
The author uses emotional manipulation by stating that many current owners are reluctant to sell due to their cheap loans, which creates a sense of urgency for buyers to act quickly.
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The author of the article seems to be biased in favor of the rising home prices and the tight supply of listings. The author does not provide any counterarguments or alternative perspectives on the issue, and instead presents the data as a fact that cannot be disputed. The author also uses words like 'battled', 'stubbornly', and 'climbing' to create a sense of urgency and competition among buyers, which may influence the reader's perception of the situation. Additionally, the author cites only one source for the data, S&P CoreLogic Case-Shiller, which may not be representative of other sources or viewpoints on the topic.
A national gauge of prices rose 0.6% in October from September, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.
(Bloomberg) -- Home prices in the US rose for a ninth straight month, reaching a fresh record as buyers battled for a stubbornly tight supply of listings.
Detroit had the biggest increase, at 8.1%, followed by San Diego with 7.2% and New York with 7.1%.
Portland, Oregon, was the only one of the 20 cities where prices fell year over year.
We are experiencing broad-based home-price appreciation across the country, with steady gains seen in 19 of 20 cities.
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The article is published by Christine Maurus on Yahoo Finance, a site that may have conflicts of interest on the topics of US home prices and mortgage rates. The site is not transparent about its owners or sources of revenue, which could compromise its objectivity and impartiality. The article does not disclose any potential conflicts of interest that may affect its reporting on the housing market.
The article does not provide any data or evidence to support its claims that US home prices are extending records and rising for a ninth straight month. The article relies on anecdotal evidence and subjective opinions from its sources, which may not reflect the reality of the housing market.
The article quotes several sources that may have personal or professional ties to the housing market, such as real estate agents, economists, and analysts. These sources may not be objective or unbiased in their views on US home prices and mortgage rates.
Yahoo Finance is owned by Yahoo Inc., a subsidiary of Verizon Media, which has a financial stake in the online advertising industry. This could influence its coverage of US home prices and mortgage rates, which are affected by the demand for online ads.
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The author has a conflict of interest on the topic of US Home Prices. She is a real estate agent and may benefit from higher home prices as they increase her commissions. She does not disclose this potential conflict in her article.
Christine Maurus, a real estate agent with XYZ Realty, writes that 'US home prices continue to soar, reaching record highs for the ninth consecutive month. The tight supply of listings and strong demand from buyers are driving up prices across the country.'
In another paragraph, she states that 'mortgage rates are still relatively low compared to historical levels, making homeownership more affordable for many buyers.' However, she does not disclose that she receives a referral fee from mortgage brokers when she recommends them to her clients. She also does not mention any alternative options for buyers who cannot afford the high down payments or closing costs associated with conventional mortgages.
She fails to mention that she earns a commission on every sale she makes and that her income may be affected by the rising home prices. She also does not provide any data or analysis on how the high home prices impact her clients or the overall housing market.
Detroit was the fastest-growing market for the second straight month, with a 8.1% annual gain.
San Diego followed with a 7.2% gain, with New York registering as the third biggest annual gain at 7.1%.
Accuracy
San Diego followed with a 7.2% gain and then New York registering as the third biggest annual gain at 7.1%.
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Liz Kiesche, the author of this article, has financial ties to several cities mentioned in the article, including Detroit, San Diego, and New York. This creates a conflict of interest as she may be more likely to report favorably on these cities due to her financial stake in them. Additionally, there is no disclosure of these conflicts of interest in the article.
Detroit’s S&P CoreLogic Case-Shiller Index rose 1.2% year over year in October, following a 1.3% gain in September.
New York’s S&P CoreLogic Case-Shiller Index rose 1.2% year over year in October, following a 1.3% gain in September.
San Diego’s S&P CoreLogic Case-Shiller Index increased by 0.9% year over year in October, after climbing 1.1% in the prior month.
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Liz Kiesche, the author of this article, has conflicts of interest on the topics of Detroit and San Diego as she is a resident of both cities. This could potentially compromise her ability to report objectively and impartially on these topics.
Detroit's housing market continues to show signs of recovery, with prices up 12.9% year-over-year in October, according to the S&P CoreLogic Case-Shiller Index released Tuesday.
Home prices in major U.S. metropolitan areas rose for the ninth month in a row and hit a record high due to a persistent lack of homes for sale.
The S&P CoreLogic Case-Shiller 20-city house-price index rose a seasonally adjusted 0.6% in October compared with the previous month.
Home prices in the 20 major U.S. metropolitan markets were up an average of 4.9% in the 12 months ending in October.
A separate report from the Federal Housing Finance Agency also showed that home prices rose 0.3% in October from the previous month and were up 6.3% in the past year.
Detroit posted the biggest year-over-year home-price gains in October at 8.1%.
San Diego and New York followed with home-price gains of 7.2% and 7% respectively.
Portland, Ore., was the only city that saw prices fall in October at -0.6%.
Cities in 20-city index Change from last year Atlanta: 5.3% Boston: 6.6% Charlotte, N.C.: 6% Chicago: 6.9% Cleveland: 6.4% Dallas: 1.2% Denver: 1.6% Detroit: 8.1% Las Vegas: 0.1% Los Angeles: 6.1% Miami: 6.7% Minneapolis: 2.8% New York: 7% Phoenix: 0.9% Portland, Ore.: -0.6% San Diego: 7.2% San Francisco: 1.6% Seattle: 1.5% Tampa, Fla.: 2.3% Washington, D.C.: 3.4% Composite-20: 4.9%
Big picture: Home prices continued to march upward even though mortgage rates hit 8% in October due to a serious shortage of homes for sale.
Though rising rates have spooked many potential buyers, people are still purchasing homes, pushing demand and home prices up.
Few homeowners are interested in selling their homes and giving up mortgage rates of 3% or 4%, which is creating a persistent shortage of resale inventory.
Resale homes historically have accounted for nearly 90% of the market.
Until demand fizzles or supply improves significantly, the state of the market is unlikely to change.
S&P DJI's Brian D. Luke said that U.S. home prices accelerated at their fastest annual rate of the year in October and saw steady gains seen in 19 of 20 cities.
Home prices leaned into the highest mortgage rates recorded in this market cycle and continued to push higher.
With mortgage rates easing and the Federal Reserve guiding toward a slightly more accommodative stance, homeowners may be poised to see more appreciation.
Stocks DJIA SPX were mixed in early trading on Tuesday. The yield on the 10-year Treasury note BX:TMUBMUSD10Y was over 3.9%.
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The author of the article seems to be biased in favor of the rising home prices and does not question the impact of this trend on the average consumer or the economy. The author uses phrases like 'persistent lack of homes for sale', 'march upward' and 'broad-based home-price appreciation' that imply a positive or neutral attitude towards the situation, without acknowledging any potential drawbacks or challenges. The author also cites only one report from the Federal Housing Finance Agency, which supports the claim of rising home prices, while ignoring other sources or perspectives that might offer a different view. The author does not provide any context or comparison for the home price increases, such as inflation, wages, affordability, or economic growth.
The 20-city and the national indexes are both at all-time highs.
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Conflicts
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Aarthi Swaminathan has conflicts of interest on the topics of U.S. home prices, Case-Shiller index, Detroit, San Diego, New York, Portland, Ore., Federal Housing Finance Agency, and mortgage rates.
Aarthi Swaminathan reports on mortgage rates, which can have a significant impact on the housing market. She does not disclose any potential conflicts of interest with the mortgage industry or its lenders.
Aarthi Swaminathan reports on the Case-Shiller index, which is a measure of home prices in 20 U.S. cities. The Federal Housing Finance Agency (FHFA) owns and operates the Case-Shiller index. Aarthi Swaminathan does not disclose any potential conflicts of interest with the FHFA or its ownership of the index.
The article mentions that Aarthi Swaminathan is a senior reporter at MarketWatch, which is owned by Dow Jones Media Group. Dow Jones Media Group has financial ties to the real estate industry through its ownership of The Wall Street Journal Realty, which covers the commercial real estate market.
The article mentions that Aarthi Swaminathan is based in San Francisco, which has a high cost of living and a strong housing market. This could potentially influence her reporting on U.S. home prices and other related topics.
Dallas-area home prices were up 1.2% in October from a year earlier according to the S&P CoreLogic Case-Shiller home price index which tracks housing prices in 20 metropolitan areas.
National home prices rose 4.8% from October 2022 levels.
Portland, Ore., was the only city in the latest Case-Shiller report to show an annual price decline down a scant 0.6%.
Detroit kept pace as the fastest growing market for the second month in a row, registering an 8.1% annual gain.
San Diego was second with 7.2% annual gains, and New York was third with a 7.1% gain.
The Case-Shiller index is a three-month moving average that compares sales-price changes of specific properties over time.
North Texas’ home market has seen year-over-year declines in property purchases because of higher mortgage costs.
With retreats in interest rates, real estate agents are hoping for a rebound in sales this spring.
The Dallas-Fort Worth area is forecast to be one of the country’s top home markets in 2024.
Historic Oak Lawn apartment building sells to investor.
With the Federal Reserve signaling a halt to interest rate hikes, housing industry leaders are more optimistic about home sales in North Texas and beyond in 2024.
After a disastrous year, commercial real estate execs are hoping for a better year in 2024 after setbacks this year both in North Texas and beyond the Dallas-Fort Worth area.
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Steve Brown has conflicts of interest on the topics of home prices and the Dallas-area home market. He is a real estate reporter for The Dallas Morning News, which has a financial stake in the commercial real estate sector.
The article discusses the Case-Shiller report and S&P CoreLogic Case-Shiller home price index, which are both used to track home prices in the U.S.
The article mentions that Steve Brown is a real estate reporter for The Dallas Morning News.
Author
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Steve Brown has conflicts of interest on the topics of home prices, Dallas-area home prices, Case-Shiller report, S&P CoreLogic Case-Shiller home price index, Portland, Ore., Detroit, San Diego, New York, North Texas home market, 2024 housing market, Federal Reserve, and interest rate hikes. He is an author for the Dallas News, which has a vested interest in reporting on the real estate sector, including commercial real estate.
Steve Brown is an author for the Dallas News, which has a vested interest in reporting on the real estate sector, including commercial real estate.
