U.S. home prices fell for a fourth month in October as rising mortgage rates weakened demand.

The S&🦄;P CoreLogic Case-Shiller National Home Price NSA Index, which gauges the purchase price of houses in major cities nationwide and reports on a two-month delay, dropped 0.5% in October from September, the fourth monthly decline for an index that's down 3% from a peak in June.

Average home prices in all 20 cities included in the Case-Shiller Index dropped, led by Las Vegas. Still, prices are up almost 9% year-over-year, with some regions experiencing much faster growth. Prices in southeastern metropolitan areas including Miami, Tampa, and Charlotte climbed as much as 21% in that time.

The index has slid after a 澳洲幸运5官方开奖结果体彩网:series of Federal Reserve interest rat♏e hikes that have more than doubled the average rate on a 30-year 澳洲幸运5官方开奖结果体彩网:fixed-rate mortgage to 6.27%. Higher rates coupled with inflation and a broader slowdown after the pandemic boom have softened demand. The U.S. Federal Housing Finance Agency says that helps explain two straight months of near-zero appreciation on home prices.

Citie𒉰s where home prices dropped the most in October 🦂from September include:

• Las Vegas: -1.8%
• San Francisco: -1.7%
• Phoenix: -1.6%
• Dallas: -1.3%
• Denver: -1.1%

And those with the sﷺmallest one-year increases in prices through Octob🌄er include:

• San Francisco: 0.6%
• Seattle: 4.5%
• Portland: 5.4%
• Minneapolis: 5.9%
• Washington, D.C.: 6.0%