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Housing Market Shows Promising Movement Following 2022 Pullback

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Annual home prices showed a 6.3% increase in October of 2023, indicating a continued housing market recovery according to the Federal Housing Finance Agency (FHFA) report.

The growth accelerated in June after a steady decline since February 2022.

The most common home loan rates reached nearly 8% in October, a two-decade high, due to the Federal Reserve’s rate hike cycle. (Trending: Judge Announces Historic Ruling In Jeffrey Epstein Case)

However, the average rate on a 30-year fixed-rate mortgage fell below 7% in December, leading to a moderate rise in existing home sales.

The Mid-Atlantic and New England regions experienced the largest gains in October, at 9.9% and 9.7% respectively.

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