Key Points:
- The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 3.8% in the year that ended in January, down from 5.6% in the previous month.
- This is the seventh straight month home prices have fallen.
- The 20-City Composite posted a 2.5% year-over-year gain, down from 4.6% in the previous month.
- The 10-City Composite posted an 2.5% year-over-year gain, down from 4.4% in the previous month.
- Miami reported the highest gains among the 20 cities in January with a 13.8% year-over-year price increase, followed by Tampa with a 10.5% increase, and Atlanta with an 8.4% increase.
- San Francisco reported the highest decline in January with a 7.6% year-over-year price decrease, followed by Seattle with a 5.1% decrease, and San Diego with a 1.4% decrease.
- All 20 cities reported lower price increases in the year ending January 2022 versus the year ending December 2022.
- The Right Facts will continue to monitor home prices.