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US home price increases in the double-digits come to a halt

Quick Fix Mortgage Refinancing
Posted at 6:45 PM, Dec 27, 2022
and last updated 2022-12-28 10:02:40-05

Yearly price growth in the U.S. real estate market has seen its double-digit gains come to a halt.

The shaky housing market saw historic price increases for at least two years.

Now annual price growth has dropped back into the single digits, which began in October after historic rate hikes by the U.S. Federal Reserve saw mortgage rates jump to historic highs, above 7%.

The goal of the Fed has been to slow demand while trying not to spark a recession.

Danielle Hale, Realtor.com’s chief economist, said, “Housing data in the first full week of December showed further pullback in housing market activity from both buyers and sellers.”

She said, “Whether holiday cheer or a still-dismal view of current housing market conditions is the bigger driver of the pullback is an open question, but the result is that housing market balance tipped a bit further in favor of buyers,” Mansion Global reported.