US Home Prices Continue to Fall for Seventh Consecutive Month in January

According to S&P CoreLogic Case-Shiller data, home prices in the United States fell for the seventh consecutive month in January. The national home price index saw a month-over-month decline of 5.6%, as all 20 biggest markets posted declines. Despite this, home prices were still up 3.8% from a year earlier, with cities like Miami, Tampa, and Atlanta leading gains. The housing market's cooling off is seen as a continuation of a trend after years of blistering growth.

Capital Economics deputy chief property economist Kiran Raichura noted that with affordability still stretched, the fall in home prices is expected to continue over the coming months. It is predicted that the peak-to-trough fall will reach around 8% when all is said and done. The market's next move will likely depend on whether interest rates remain elevated as the Fed continues to fight inflation and how that affects home prices.

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Source: https://www.axios.com/2023/03/28/home-prices-housing-market-corelogic-case-shiller