FOX: HOME PRICES LIKELY TO CONTINUE SLOWDOWN TREND IN COMING MONTHS: CASE-SHILLER
This city showed worst home price drop in a decade
Annual home price growth slowed in November for the fifth consecutive month. And prices are likely to continue softening, according to the latest S&P CoreLogic Case-Shiller Indices report.
Home prices across the U.S. increased by 7.7% annually in November, down from the 9.2% annual increase in October, Case-Shiller's National Home Price NSA index showed. Home prices have fallen by 3.6% since the market peaked in June 2022.
"November 2022 marked the fifth consecutive month of declining home prices in the U.S.," Craig Lazzara, S&P Dow Jones Indices managing director, said. "As the Federal Reserve moves interest rates higher, mortgage financing continues to be a headwind for home prices. Economic weakness, including the possibility of a recession, would also constrain potential buyers.
"Given these prospects for a challenging macroeconomic environment, home prices may well continue to weaken," Lazzara continued.