Prior month 1.2% revised from 1.1%YoY 1.6% versus 1.3% expectedMoM 0.2% versus 0.1% expectedMoM not seasonally adjusted 0.9% versus 1.0% prior month
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With inflation at 4.2%, home prices continue to decline in real (inflation-adjusted) terms.
Price performance remains uneven across the country, with the Northeast and Midwest outperforming while many Western and Sunbelt markets continue to weaken.
Chicago led annual gains for the third straight month (+6.9%), followed by New York (+4.2%) and Cleveland (+3.1%).
Las Vegas (-1.9%) posted the largest annual decline, with Seattle (-1.8%), Denver (-1.8%), and Tampa (-1.6%) also falling.
The strength in traditional urban markets may reflect a growing return-to-office trend supporting demand.
Housing affordability remains a major challenge as 30-year mortgage rates averaged 6.5%, far above the ultra-low rates seen in recent years.
Elevated mortgage rates and persistent inflation continue to restrain buyer demand, keeping housing activity subdued and eroding real home values.
in a separate housing report data, the FHFA YoY rose 2.2% vs 2.0% last month. The MoM rose 0.3% versus -0.1% last month.
This article was written by Greg Michalowski at investinglive.com.