S&P Case-Shiller

Home prices slipped in November, breaking a nine-month streak of gains, but were up year-over-year. Prices were down 0.2% month-over-month from the month prior, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. This was the first monthly dip since January 2023. This was partly the result of mortgage rates spiking to peaks of nearly 8% in October 2023, driving demand down and forcing sellers to adjust their profit expectations. “The house price decline came at a time when mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data. The rate has since fallen over 1%, which could support further annual gains in home prices,” Brian D. Luke, Head…