Case-Shiller US National Home Price Index is now 3% off its 2022 peak.
“2023 began as 2022 had ended, with US home prices falling for the seventh consecutive month,” said Craig Lazzara, managing director at S&P Dow Jones Indices.
The three California market in the 20-city index have some of the largest drops off last year’s all-time highs, using seasonally adjusted data …No. 4 San Diego:6.4% off high. Down 0.3% for month, up 0.9% for the year. Typically, when demand drops, supply swells and prices go down. But fewer homes are coming to market for sale because ultra-low interest rates over the past few years are causing many home owners to stay put, keeping the inventory of homes stubbornly low.
“Financial news this month has been dominated by ructions in the commercial banking industry, as some institutions’ risk management functions proved unequal to the rising level of interest rates,” said Lazzara. “Despite this, the Federal Reserve remains focused on its inflation-reduction targets, which suggest that rates may remain elevated in the near term.”
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