An analysis of home prices by Zillow showed annual gains in 86 percent of the 390 metros tracked, although national home prices were up only 1.2 percent from the second quarter to the third — about half the rate of quarter-to-quarter appreciation seen in the second quarter.

“This slowdown was expected, and shouldn’t come as a surprise, as home values have been growing at an unsustainable pace and affordability had been decreasing in light of higher home values and rising mortgage rates,” Zillow said in summarizing its findings.

“Absent more substantial growth in incomes, some metros where affordability is already back in line with historical levels may see below-normal home value appreciation rates (or even modest declines) as mortgage rates return to normal.” Source: zillowblog.com

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