By Staff Reporters
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Real estate prices continued to cool in September—the first time prices declined for three straight months in nearly four years, which is a big deal. The change was especially noticeable out west. For example, San Francisco and Seattle experienced the largest percentage decrease (2.9%) from August to September, according to the S&P CoreLogic Case-Shiller Indices. The report, which tracks home price fluctuations, showed "short-term declines and medium-term deceleration" in US housing prices, said Craig Lazarra, S&P Dow Jones Indices managing director.And, Las Vegas, Phoenix, San Diego, and Dallas also saw declines of more than 2%, in contrast to cities like Chicago and New York, where prices fell the least (less than 1%). But even as prices cool, housing overall has grown less affordable since the start of the pandemic—the year-over-year change was 10.6% nationally in September. Pair that with mortgage rate climbs, and you've got a market that's seen a decline in activity for nine straight months. The good news is economists don't expect things to spiral as far down as they did in '08.
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U.S. equities tumbled for a second day, as uncertainty regarding how aggressive the Fed will remain was met with increased recession fears. Today, the economic calendar was light, with the only notable report showing that the trade deficit widened less than expected. The equity front was also fairly quiet, as AutoZone beat earnings and revenue estimates, and shares of Meta Platforms fell after the Wall Street Journal reported that European Union regulators said the company should not require users to agree to personalized ads based on their online activity.
Treasury yields finished lower, and the U.S. dollar gained ground, while gold increased slightly.
Crude oil prices added to yesterday's drop that came amid new restrictions on Russian oil, and after OPEC+ announced that it would leave its production target unchanged.
Stocks in Asia were mostly lower despite China continuing to ease COVID restrictions in some parts of the country, while European stocks fell amid a host of construction PMI data. The international markets also digested the Reserve Bank of Australia's decision to hike its interest rate by 25 basis points, and its subsequent statement that was less dovish than expected.
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