US house prices fall more quickly than expected in January, S&P says
House price gains in the US continued to slow at the end of 2022, the results of two closely followed surveys showed.
In December, the S&P Core Logic Case-Shiller 20-city house price index fell at a non-seasonally adjusted month-on-month pace of 0.9%.
That pushed the annual rate of increase down to 4.6% (Barclays Research: 6.2%) from 6.8%.
However, in seasonally adjusted terms, the 20-city index was lower by 0.5% on the month (Barclays Research: -0.4%).
Also in seasonally adjusted terms, the S&P CoreLogic Case-Shiller 10-city index fell by 0.4% over the month while the year-on-year rate of increase slowed from 6.3% to 4.4%.
The S&P Core Logic Case-Shiller National Index meanwhile was down by 0.3% after adjustment and the annual rate of price gains slipped from 7.6% to 5.8%.
Separately, the Federal Houseing Finance Agency reported that in the fourth quarter of 2022 house prices in the US rose by 0.3% versus the prior three-month stretch and by 8.4% in comparison to the same quarter one year before.
Upon seasonal adjustment, house prices were down by 0.1% month-on-month in December (Barclays Research: -0.6%), the FHFA said.
House prices were 6.6% (Barclays Research: 6.1%) higher year-on-year in December.
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