The housing market continues to chill! U.S. home prices post biggest year-over-year decline since 2009
According to the S&P CoreLogic Case-Shiller Index, home prices in the 20 largest U.S. cities fell 1.3 percent in August from a year earlier, the biggest drop since March 2009 and the second consecutive monthly decline in the index.
U.S. property prices have also begun to decline as the Federal Reserve continues to raise interest rates to curb the worst inflation in decades. However, despite a slowdown in growth, home prices remain high in many U.S. cities compared to last year.
Craig Lazzara, managing director of S&P Dow Jones Indices, said U.S. home prices will likely continue to fall given the macroeconomic outlook.
The National Association of Realtors recently released data showing that U.S. home sales fell for the eighth consecutive month in September. Meanwhile, the official U.S. housing starts data for September also fell.
We expect home sales to fall further and prices to continue to decline," said George Ratiu, economic research manager at Realtor.com.
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