Home prices likely to continue slowdown trend in coming months: Case-Shiller

Home prices across the U.S. increased by 7.7% annually in November, down from the 9.2% annual incrase in October, Case-Shiller's National Home Price NSA index showed. Home prices have fallen by 3.6% since the market peaked in June 2022. "November 2022 marked the fifth consecutive month of declining home prices in the U.S.," Craig Lazzara, S&P Dow Jones Indices managing director, said. "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.

San Francisco home prices see the worst annual drop in a decade

On a monthly basis, home prices fell across the nation in November, according to the report. The national home price index dropped 0.6% month-over-month and the 10-city and 20-city composites fell by 0.7% and 0.8%, respectively. Both are 5% below where prices were in June.

The city with the highest price gain was Miami, where home prices rose 18.4% annually. This was followed by Tampa and Atlanta, which posted increases of 16.9% and 12.7%, respectively.

Prices in San Francisco were down 1.6%, the most significant annual decline posted by the city in a decade, according to the report.

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