Housing prices in the USA fell in the third month

In the USA, the S&P Case-Shiller housing price index in 20 cities fell by 1.2 percent on a monthly basis in September, in line with the forecasts, with the effect of high interest rates. The previous month, the decline was 1.3 percent.

Thus, the decline in housing prices continued in the third month.

Housing prices increased by 10.6 percent on a national basis. It had increased by 12.9 percent in the previous month.

The housing market has cooled off this year, with the Fed's rate hikes to rein in record high inflation. More than double the increase in housing loan rates drove potential buyers away from the sector.

S&P Dow Jones Indices Manager Craig Lazzara said: "As the Fed raises interest rates, mortgage financing becomes more expensive and housing becomes more difficult to buy. Housing prices may continue to fall due to the worsening macroeconomic environment."