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Prices for houses and apartments in the United States rose sharply last month, as investors continued to move away from China amid an economic slowdown in that nation.
In September, the average price of a U.N.-listed house rose about 5% in October, while that of a condo rose 3.5%.
The latest data showed that prices for apartment units climbed 2.6% in September.
The number of U.K.-listed homes rose 0.4% in the same month.
«I think we have reached a tipping point in China where there are many buyers out there,» said John Smeeding, chief economist at Capital Economics in London.
«We are beginning to see buyers that were not buying at the peak in the summer, buying now because they can get a good return on their investment.»
The U.KS. benchmark rate for a 30-year fixed mortgage rose to 6.75% from 6.65% in May.
Investors bought homes for $1.25 million or more in the first half of the year, according to the most recent data from CoreLogic.
The median price of U-shaped mortgages rose 9.3% in 2018, while the median for a 10-year mortgage rose 11.9%.
For the first time in six years, home prices in the U.B.C. are outstripping sales of homes for sale in the rest of the country.
Prices for single-family homes are up 5.8% from a year ago and the median price is up 10.5% from the same period last year.
Prices are up 9.2% in New York, 8.2%, in San Francisco, and 6.8%.
Home prices in Los Angeles, Seattle and Portland are up 12% from last year, while prices in Dallas, San Antonio and Atlanta are up 18%.
The pace of rising home prices has accelerated in recent months as the economy slows and the Federal Reserve starts its benchmark interest rate hike.
On Friday, Federal Reserve Chairman Ben Bernanke said that the central bank may move to raise the benchmark rate by as much as 0.25 percentage point in March.
He said the rate hike will be «appropriate given that the economy is on the mend and inflation remains subdued.»
The Fed’s latest interest rate move, however, could spur prices in some areas to increase even more.
«There is more than enough room for us to hike the Fed rate at a rate higher than 2%, as the current pace of inflation has not risen in three years,» Bernanke wrote in a speech on Friday.
Bernanke also suggested that the Fed may continue to cut rates as it seeks to bring down the unemployment rate, a measure of unemployment, to a more manageable level.