Case-Shiller is really a three month average, but any price swings in single month is flatten out. To see the changes affected by the higher rates we might have to wait until March.
The Standard & Poor's/Case-Shiller composite index of 20 metropolitan areas declined 1 percent in October from September on a seasonally adjusted basis, a much steeper drop than the 0.6 percent fall expected by economists.
The decline built on a revised decrease of 1 percent in September and took prices down 0.8 percent from year-ago levels. It was the first year-on-year drop in the index since January.
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The housing market has been struggling since home-buyer tax credits expired earlier this year. To take advantage of the tax credits, buyers had to sign purchase contracts by April 30.