The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 7.7% annual gain for November, 2022. Their 10-City Composite annual increase came in at 6.3% and their 20-City Composite posted a 6.8% year-over-year gain. The increases in both measures continued to be down from previous months.
“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.” Said Craig J. Lazzara, Managing Director at S&P DJI.
Click here to read the full report at S&P Dow Jones Indices.