US home prices slip 0.1% as rents rise in October
Business
For the first time in more than three years, US home prices have slipped, down 0.1% year-over-year, while rents have ticked up by the same margin this October.
Blame it on high mortgage rates and economic uncertainty: fewer people are buying, but renting is getting a bit pricier.
Pending home sales hit 25-Year low
Mortgage rates are about a full percentage point higher than last year, making buying tougher and pushing pending home sales to a 25-year low.
Sellers aren't listing as much either, since they've lost some leverage with more homes available and fewer buyers around.
Meanwhile, rental demand is bouncing back in places like the Sun Belt and the Bay Area, where the San Francisco Bay Area led the nation in rent growth as supply finally meets growing interest.