U.S. home prices fell for the seventh month in a row in January, as the Case-Shiller US National Home Price Index is now 3% off its 2022 peak. “2023 began as 2022 had ended, with US home prices falling for the seventh consecutive month,” said Craig Lazzara, managing director at S&P Dow Jones Indices. On a seasonally adjusted basis, U.S. prices fell 0.2% for month and are now only up 3.8% for the year. That battle has caused mortgage rates to spike over the past year, resulting in many home buyers being priced out of purchasing a home. Mortgage rates are expected to be volatile for as long as the Fed has to work to pull back runaway inflation.

Source: CNN March 29, 2023 17:16 UTC