US Home Prices Rise More Slowly Amid Weaker Sales
WASHINGTON (AP/WJZ) -- U.S. home prices increased more slowly in September from a year ago as higher mortgage rates weighed on sales.
The S&P CoreLogic Case-Shiller 20-city home price index rose 5.1 percent from a year earlier. That's down from a 5.5 percent yearly gain in the previous month. It was the sixth straight month that home price increases have slowed.
The median home value in Baltimore is $118,700. Home values have gone up 25.6% in the city, according to Zillow and will rise 13.2% within the next year.
The weaker price gains reflect a broader slowdown in the nation's housing market. Sales of existing homes rose modestly in October, snapping a six-month streak of declines. But sales are still 5.1 percent lower than they were a year ago. New home sales have fallen for four straight months. Mortgage rates have jumped in the past year, reaching 4.8 percent last week, up from 3.9 percent a year ago.
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