US Home Prices See First Monthly Drop in Nearly a Year

Despite the decline, annual gains continue with six cities hitting record highs in November.

US home prices fell 0.2% from October to November 2023, marking the first monthly drop since January of the same year, according to the S&P CoreLogic Case-Shiller national home price index.
Despite the monthly drop, home prices were still 5.1% higher in November 2023 compared to the previous year, up from a 4.7% annual increase in October.
Six cities registered new all-time highs in home prices in November: Miami, Tampa, Atlanta, Charlotte, New York, and Cleveland.
Seattle and San Francisco reported the largest monthly price declines, falling 1.4% and 1.3%, respectively.
The decline in house prices came as mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data.