{"id":1975,"date":"2023-03-29T12:25:11","date_gmt":"2023-03-29T12:25:11","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/03\/29\/u-s-home-price-rises-slow-again-in-january-with-western-markets-leading-declines\/"},"modified":"2023-03-29T12:25:11","modified_gmt":"2023-03-29T12:25:11","slug":"u-s-home-price-rises-slow-again-in-january-with-western-markets-leading-declines","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/03\/29\/u-s-home-price-rises-slow-again-in-january-with-western-markets-leading-declines\/","title":{"rendered":"U.S. Home-Price Rises Slow Again in January, With Western Markets Leading Declines"},"content":{"rendered":"

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The numbers:\u00a0U.S. home prices fell in January as buyers are finding it hard to stomach high mortgage rates and home prices.<\/p>\n

The S&P CoreLogic Case-Shiller 20-city house price index fell 0.4% in January, for the seventh month in a row. All numbers are seasonally adjusted.<\/p>\n

Year-over-year though house prices are still up 2.5%, but have slowed from a 4.6% increase in the previous month.<\/p>\n

A broader measure of home prices, the national index, fell 0.2% in January, but was up 3.8% over the past year. The national index is also down for the seventh month in a row.<\/p>\n

Key details:\u00a0Miami, Tampa and Atlanta reported the highest year-over-year gains among the 20 cities in January.<\/p>\n

San Francisco, Seattle and Portland reported the lowest year-over-year gains. San Francisco has seen home price growth fall by 4.2% from last January.<\/p>\n

All 20 cities reported lower price increases on a monthly basis in January:<\/p>\n\n

A\u00a0separate report\u00a0<\/a>from the Federal Housing Finance Agency showed home prices rising in January, up 0.2% from the prior month.<\/p>\n

And over the last year, the FHFA index was up 5.3%. The FHFA said that the data reflects January closings, where home buyers locked in rates after mortgage rates dropped from their peak in early November.<\/p>\n

Big picture:<\/strong>\u00a0Home buyers are grappling with not only high mortgage rates but also low inventory. Home sellers are reducing prices or offering\u00a0concessions<\/a>\u00a0to lure buyers. As sellers adjust prices to attract buyers, the drop in home price growth is showing up in the Case-Shiller figures.<\/p>\n

But local real-estate markets are showing a\u00a0mixed picture<\/a>. While home sellers in some markets are cutting prices to attract buyers, on the other side of the country, sellers are still contending with multiple bids.<\/p>\n

What S&P said:<\/strong>\u00a0\u201c2023 began as 2022 had ended, with U.S. home prices falling for the seventh consecutive month,\u201d Craig J. Lazzara, managing director at S&P DJI, said.<\/p>\n

Lazzara noted that the price declines in places like San Diego, San Francisco, and Seattle have made the West the country\u2019s weakest region in terms of housing, while the the Southeast notches strong gains.<\/p>\n

With the U.S. Federal Reserve is focused on fighting inflation, that means mortgage rates will likely remain high in the near-term, which is bad news for the housing market. \u201cMortgage financing and the prospect of economic weakness are therefore likely to remain a headwind for housing prices for at least the next several months,\u201d Lazzara added.<\/p>\n

Market reaction:<\/strong>\u00a0Stocks\u00a0DJIA<\/a>,\u00a00.23%\u00a0SPX<\/a>,\u00a0-0.08%\u00a0were down when the market began trading on Tuesday. The yield on the 10-year Treasury note\u00a0TMUBMUSD10Y,\u00a03.559%\u00a0rose above 3.5%.<\/p>\n

The post U.S. Home-Price Rises Slow Again in January, With Western Markets Leading Declines<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images The numbers:\u00a0U.S. home prices fell in January as buyers are finding it hard to stomach high mortgage rates and home prices. The S&P CoreLogic Case-Shiller 20-city house price index fell 0.4% in January, for the seventh month in a row. All numbers are seasonally adjusted. Year-over-year though house prices are still up 2.5%,…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":1976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/1975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=1975"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/1975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/1976"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=1975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=1975"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=1975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}