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First Cut: FHFA House Price Index in September maintains steady pace of year-over-year gains

The FHFA House Price Index for September was up 0.6% from the prior month, its largest month-over-month increase since up 0.6% in January. The year-over-year rise was 5.1%, in line with the stolid pace of increases that has settled in for 2019. Prices of homes previously on the market have not matched the warmer conditions seen in 2018 as consumers drive harder bargains to improve purchase affordability even with supply limited.

Still, lower mortgage interest rates are keeping the housing market active even with signs of less vigorous economic conditions and more uncertainty on the horizon for consumers.

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