S&P has published the results of the analysis of the movement in house prices in the US in November 2018. According to the conclusions of the authors of the study, there has been a slight slowdown in the cost of housing, which is caused by toughening of conditions of mortgage lending.
U.S. home price gains slowed in November. https://t.co/MHm4G6u3lr pic.twitter.com/4wNAZ4Iq6c
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Price index S&P CoreLogic Case-Shiller includes data from 20 cities in the United States. In November 2018, the price growth amounted to 5.2% compared to 5.3% in October. The slowdown in prices seen since last spring, and experts attribute this to the increase in interest rates on mortgage loans that have reduced their availability. Also plays the role of the accumulated stock of unsold homes. The strongest price growth declined in 10 other major cities, including the capital. This trend is present here three years in a row.
In another direction the market is moving in such cities as Las Vegas, Phoenix and Seattle. In Las Vegas prices rose by 12% in Phoenix — 8.1% in Seattle — by 6.3%. Only seven of the 20 cities participating in the survey, prices in November were higher than in October. New York (3.5 percent), along with Chicago, San Diego and Washington, is among the cities where the decline in price growth was the highest.
However, the tendency can be short. «Conditions in the housing market have been mixed: analysts have expressed concern that housing is weakening and may affect the economy as a whole. But the current low inventory of homes for sale still support housing prices,» — says the report of the managing Director and Chairman of the index Committee S&P Dow Jones Indices David M. Blitzer. Also, in his opinion, support the increase in the value of homes continuing growth in employment and wages in the United States.
