S&P CoreLogic Case-Shiller has released the national home price index data for November.
According to seasonally adjusted data from S&P CoreLogic Case-Shiller, house prices in the US fell 0.54 percent in November compared to the previous month. The expectation was for a 0.65 percent decrease. On the other hand, house prices in California fell 1.6 percent in November from a year ago.
Craig Lazzara, Managing Director of the S&P Dow Jones Index, said: “As the Fed raises interest rates, mortgage financing remains a headwind for home prices. Economic weakness, including the possibility of a recession, will also constrain potential buyers.” used the phrases.
Lazzara said that house prices are still higher than a year ago, given the difficult economic conditions, and that prices may continue to decline.