Home prices are falling into a deep winter chill, as higher mortgage rates push more buyers to the sidelines.
Prices in November were still 8.6% higher than during the same month in 2021, but it was the first year-over-year reading in single digits in 21 months, according to CoreLogic. It is also the lowest rate of appreciation since November 2020.
Prices are now 2.5% below the spring 2022 peak and are expected to continue to move lower this year. CoreLogic’s forecast has price movement falling into negative territory by spring before rebounding to about 2% to 3% growth in the fall.
Higher mortgage rates and consumer worries are hitting home prices.
Prices are now 2.5% below the spring 2022 peak and are expected to continue to move lower this year.
Mortgage rates are back on the rise again after a brief reprieve in November and early December.