FOMO Housing Market: October Home Prices “Slow” To 19.08% YoY As Mortgage Rates Rise (Phoenix Fastest At 32.3% And Minneapolis And Chicago Slowest At 11.5%)

by confoundedinterest17

There is a lot going on in the US housing market. Excessive monetary stimulus keeping mortgage rates low, historically low inventory available for sale, and FOMO (fear of missing out … on rapidly rising home prices).

The Case-Shiller repeat sales index for October is out … and the national home price index “slowed” to 19.08% YoY as mortgage rates rose. Note that available inventory of homes for sales remains very low.

By metro area, Phoenix AZ once again leads with 32.3% YoY. Minneapolis MN is the slowest growing metro area in terms of home prices at 11.5% (tied with Chicago, IL).