Mar 28, 2023 - Economy

Home prices fall for 7th straight month

Data: S&P Dow Jones Indices; Chart: Axios Visuals

Home prices fell for the seventh consecutive month in January, according to the S&P CoreLogic Case-Shiller data.

Why it matters: It's the latest sign that the housing market is cooling off after years of blistering growth.

By the numbers: The national home price index fell 5.6% on a month-over-month basis as the 20 biggest markets all posted declines.

  • But home prices were still up 3.8% from a year earlier, led by gains in cities like Miami, Tampa and Atlanta.

What we're watching: Whether interest rates remain elevated as the Fed continues to fight inflation — and how that affects home prices.

  • "With affordability still stretched, we expect price falls to continue over the coming months and the peak-to-trough fall to reach around 8% when all is said and done," Capital Economics deputy chief property economist Kiran Raichura wrote Tuesday.
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