Institution: US house prices may continue to pump

The data from Jin10 on October 22nd showed that despite the decrease in mortgage Interest Rate, house prices in the United States are still on the rise. Redfin stated that the month-on-month house prices in the United States rose by 0.5% in September. This is the fastest growth rate since April and the third consecutive rise. The year-on-year house prices increased by 6%, the lowest annual growth rate since December last year. The affordability of mortgage loans improved in September, when the Interest Rate dropped to a low point of 6.08%. However, due to the imbalance between supply and demand, house prices continue to rise. Redfin stated that the number of houses on the market has decreased by about 20% compared to five years ago. This is because many homeowners locked in lower mortgage Interest Rates during the pandemic. Before more inventory enters the market in the spring, house prices may continue to climb.