Home-price appreciation occurred at a slower pace in September, according to a major price barometer, suggesting the market is cooling after over a year of frenzied sales. The S&P Case-Shiller 20-city price index posted a 19.1% year-over-year gain in September, down from 19.6% the previous month. On a monthly basis, the index increased 0.8% between August and September. Phoenix led the country in terms of home-price growth, with a 33.1% increase, followed by Tampa, Fla., and Miami.
U.S. consumer confidence dropped to a nine-month low in November amid worries about the rising cost of living and pandemic fatigue, but that did not change expectations for stronger economic growth this quarter. The survey from the Conference Board showed consumers less enthusiastic about buying a house and big-ticket items such as motor vehicles and major household appliances over the next six months, likely because of shortages, which have boosted prices. Consumers held strong views of the labor market, with the gap between those saying jobs are plentiful versus hard to get widening to a record high.
Oregon Gov. Kate Brown announced Tuesday that the Legislature will hold a special session to address preventing evictions for renters. She said she would propose extending eviction protections for those who have applied for rental assistance, ensuring landlords were paid in full for the rent they’re owed and providing up to $90 million in additional rental assistance to support low-income tenants through the winter.