Home prices fell for fourth straight month in October amid Fed rate hikes

The Hill ^ | 12/27/2022 | sylvan lane

[ChicagoConservative27]

Home prices fell for the fourth straight month as high interest rates and stubborn inflation dampen the housing market, according to data released Tuesday.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index, a gauge of home prices across the country, fell 0.3 percent in October from September after seasonal adjustments.

It was the fourth consecutive monthly decline for the index after home prices peaked in June, said Craig J. Lazzara, managing director at S&P Dow Jones Indices, in a Tuesday release.

“Despite considerable regional differences, all 20 cities in our October report reflect these trends,” Lazzara said. “Prices declined in every city in October.”

“These declines, of course, came after very strong price increases in late 2021 and the first half of 2022,” he added.

[ChicagoConservative27]

Diaper fool said the economy is great! (S)

[cableguymn]

I called my tax assessor who hiked the value of my home by 100% last year about a reduction to mirror the lost values..

He laughed and hung up on me.

[oldguy1776]

I believe that home prices were way too high for what one could buy. When you have mfg. homes in Florid going for over 225K and they are junk...then you know something is wrong. We were considering a second home that would be our retirement home. I am not going to pay what some of these people think they can get. So Yes I am glad for the drop in prices and expect that to continue into 2023.

I may get back into the market next summer but I will certainly be making offers way below what some might ask. They can say yes or no...either way I’m not paying more than I can comfortably afford.

[momincombatboots]

I keep tracing a few home on Zillow in areas I would like to buy n… prices are dropping regularly. You can pay down higher interest, but not higher principle. So it’s a shell game… to hide the economic reality.