Home prices slip for fourth month with U.S. sales market slowing
Written by Black Hot Fire Network on January 1, 2023
The U.S. housing market continued to sag in October as the impact of higher mortgage rates and concerns over the economy rattled buyers and sellers.
Prices fell 0.5% from September, the fourth consecutive monthly decline for a seasonally adjusted measure of home prices in 20 large cities, according to the latest S&P CoreLogic Case-Shiller index.
The market began downshifting earlier this year as the Federal Reserve started hiking its benchmark interest rate, with the goal of easing high inflation that’s been driven in part by skyrocketing housing costs.
