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, released Tuesday, 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 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.
The declines can be mostly traced to higher mortgage rates, which have jumped in the past year. The average rate on a 30-year fixed mortgage was 4.8 percent last week, up from 3.9 percent a year ago.
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