Home prices have been creating headaches for buyers however, a new report claims that relief could be around the corner. According to a National Mortgage News report, month-to-month growth is at a slower pace.
"Year-over-year, the Home Value Index — based on data from home purchases and mortgage refinances — rose 5.69%," according to NMN.
"However, the index only grew 0.35% in September from August, a slowdown that could be signaling things to come."
The company cited data provided by Quicken Loans which supported the company's hypothesis that a "slowdown in monthly growth" will result in a "market balance with the more moderate inflation."
Meanwhile, the report also revealed that appraisal values have dipped by 0.29%. This update will provide buyers with some hope that relief is around the corner.
It should also have mortgage professionals preparing for prospective buyers as affordability becomes less of a challenge.
To learn more about the projected increase in affordability, click on the image above.