Home prices fell in October for the fourth straight month amid high interest rates and ongoing inflation, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
The 10- and 20-City Composites were both 4.6% below their June peaks after declining 0.7% and 0.8% respectively in October. Since October 2021, however, prices are up around 9%.
“On a year-over-year basis the National Composite gained 9.2%, which is in the top quintile of historical performance levels,” said Craig J. Lazzara, Managing Director at S&P DJI.
Lazzara said prices may continue to weaken. “As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be a headwind for home prices.
