US Home Prices Continue to Decline for Seventh-Straight Month in 2023.
TL;DR Summary
US home prices fell for the seventh consecutive month in January due to rising interest rates, according to the S&P CoreLogic Case-Shiller U.S. National Home Price index. The 20-City Composite index, which tracks prices in the 20 largest metros, showed prices fell 0.6% over the prior month in January and rose just 2.5% over last year. The Federal Reserve's recent rate hike and potential future increases could impact future home prices, as home prices react to unexpected changes in "long-term" interest rates rather than shifts in the short-term federal funds rate.
Topics:business#federal-reserve#home-prices#housing-market#interest-rates#mortgage-rates#real-estate
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