Home Prices, Demand on Downward Trajectory

The once-overheated housing market continues to cool as rising interest rates reduce demand.

Read Time: 1 minute

October 26, 2022, 12:00 PM PDT

By Diana Ionescu @aworkoffiction

White house with For Sale and SOLD sign

Sundry Photography / House for sale

After years of sharply rising prices, the U.S. housing market is seeing a reversal as costs drop and demand slows. As Lizzie Kane reports for Bloomberg, “A measure of prices in 20 large US cities in August fell 1.3% on a month-over-month basis, the most since March 2009, according to the S&P CoreLogic Case-Shiller index.”

According to Kane, “While prices are still up year-over-year, they’re slowing at a record pace. A national measure of prices increased 13% in August from a year earlier, down from a 15.6% gain in July, the biggest deceleration in the history of the index.”

Demand continues to slow, too. “Sales of existing homes fell for an eighth straight month in September, according to National Association of Realtors data, while new home construction also dropped in September, according to recent government data.” Meanwhile, new home construction has slowed as builders cancel deals to adjust to the slowdown.

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