National
US home prices fell in December for the sixth-straight month
(CNN) — US home prices fell for the sixth month in a row in December, as rising mortgage rates pushed prospective buyers out of the housing market, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday.
The National Composite declined by 0.8% in December, and now stands 4.4% below its June peak.
All cities in the 20-city index — which includes New York, Minneapolis, Phoenix and Los Angeles — reported declines before and after seasonal adjustments, with a median decline of 1.1%.
“The cooling in home prices that began in June 2022 continued through year end, as December marked the sixth consecutive month of declines for our National Composite Index,” says Craig J. Lazzara, Managing Director at S&P DJI.
Compared to prices from the year before, US home prices nudged higher in December, but the pace of that growth slowed from prior months.
Home prices rose 5.8% in December, a smaller jump than the 7.6% growth seen in November and well below 2021’s record-setting 18.9% price gain.
The cities with the strongest price appreciation were all in the Southeast, with Miami, up 15.9% from last year, seeing the strongest prices for the fifth-straight month. It was followed by Tampa, Florida, up 13.9%; Atlanta, up 10.4%, and Charlotte, North Carolina, up 9.9%. The Southeast and South were the strongest regions, and the West continued as the weakest.
In November, prices in San Francisco had fallen on a year-over-year basis and the city’s decline worsened in December, with prices down 4.2% year-over-year. In addition, prices in Seattle were also down from last year.
“The prospect of stable, or higher, interest rates means that mortgage financing remains a headwind for home prices, while economic weakness, including the possibility of a recession, may also constrain potential buyers,” said Lazzara. “Given these prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”
The year ended on a discouraging note both for buyers and sellers, said Nicole Bachaud, senior economist at Zillow.
“Sales declined as mortgage rates soared, new listings sputtered out and active inventory pooled up as homes stayed on the market longer,” she said.
But January brought about some fresh energy to the market as mortgage rates drifted down, boosting buyer demand.
It could have been enough home buying activity to possibly slow the cooldown in prices in the beginning of the year, Bachaud said.
“But as rates are right back up in February, it’s likely that any momentum in this market will be short lived and affordability challenges will remain key to the direction and speed the market moves in the coming months,” she said.
The-CNN-Wire
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
By: Pristine Villarreal
February 28, 2023
Latest Instagram Posts
☕️🔥 How hot is TOO hot? A new study finds that drinking scalding-hot beverages may be linked to nearly 3 times the risk of esophageal cancer—the most common type of cancer affecting the esophagus. The takeaway? Let that coffee, tea or other hot drink cool down before taking a sip. ❤️ #HealthNews #EsophagealCancer #CancerRisk #HotBeverages #Coffee #Tea #CancerAwareness #HealthyHabits #HealthTips
☕️ Social Time with Thalia & Jerry. The squishy craze!
Coachella city council unanimously approved an anti-nepotism rule that ban an any Councilmember from appointing a family member or household member to the city’s commissions and committees. Tune in to our 11 p.m newscast as our @newsbyalondra breaks down the policy.
An anti-nepotism rule will be discussed and voted on at tonight’s Coachella City Council meeting - that would ban city council members from appointing their own family members or household members to commissions and committees. Tune in to our 8:30 p.m newscast and our socials and website as our @newsbyalondra brings us the latest details on that final vote.
☕️ Social Time with Thalia & Jerry. What’s your favorite NFL team?
A major cleanup is underway after powerful waves damaged 14 beachfront homes near Capistrano Beach in Orange County. Residents are concerned their homes could remain vulnerable without protective measures in place. Crews are clearing debris, while efforts to bring in protective boulders were delayed by high tide. #California #OrangeCounty #CapistranoBeach #CoastalWaves #Beachfront #WeatherNews
Two new Girl Scout cookies are coming in 2027 🍪 Meet Sparkables: a crunchy oatmeal cookie with chocolate chips and colorful sprinkles, developed with Partake in a facility designed to avoid the nine major food allergens. And for the pups: Patch Pals 🐾 Soft-baked, blueberry muffin-flavored dog cookies in four adorable designs. Both will be available online beginning in January. Which one are you most excited to try? #GirlScouts #GirlScoutCookies #NewCookies #DogTreats #FoodAllergyFriendly #CookieSeason
It’s more than just dancing — it’s fitness, confidence and community. A Coachella Valley dance studio is helping adults move their bodies, have fun and step into their power, one class at a time. And during Beyoncé’s birthday week, the energy was turned all the way up. “When in doubt, twerk it out.” See how VXN Worldwide Dance Company is getting the Valley moving — and building confidence along the way. Read more at NBCPalmSprings.com. #CoachellaValley #PalmSprings #Dance #Fitness #Community NBCPalmSprings
☕️ Social Time with Thalia & Jerry. What are you going to be for Halloween? 🎃
Labor Day traffic is picking up in Palm Springs. If you’re heading out, our Maria Noble Valdez has what you can expect on the roads here. Be sure to stay tuned with NBC Palm Springs and nbcpalmsprings.com for more Labor Day coverage #LaborDay #LaborDayTraffic #PalmSprings #TrafficUpdate #i10