Home prices continued to decline in January as higher mortgage rates dampened consumer demand for new houses.
Prices slid 0.6% nationally in the period from December to January, the seventh consecutive monthly decline, the S&P CoreLogic Case-Shiller index showed on Tuesday.
“Home prices fell again in January and are now barely higher than they were a year ago,” said Jeff Tucker, senior economist at Zillow. “January’s home price weakness is yet more proof of the doldrums the housing market was stuck in during the fall and winter, when buyers and sellers were forced to come to terms with a new, relatively higher-interest-rate environment.”
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