Home prices in the U.S. fell by 1.1 percent between July and August, according to Full Stack Economics (citing data from the Case-Shiller index). However, significant variations exist at the metropolitan area level. For example, in metropolitan Austin, home prices decreased by 8.2 percent from May through September whereas in the Miami metro area, prices increased by 4.7 percent during the same period, according to the report (citing research from Zillow).

The average interest rate on a typical 30-year mortgage increased from 3.2 percent in early 2022 to 7.16 percent this week—the highest level since 2001, according to CBS News.

Last Updated on October 27, 2022 by Ramin Seddiq