US home price acceleration slowed significantly in January (according to the always lagged and smoothed Case-Shiller indices).
After rising 0.50% MoM in December, the price of homes in America’s to 20 cities rose just 0.16% MoM in January (the lowest MoM rise since August and well below the 0.35% MoM expected)…
Source: Bloomberg
This left the 20-city composite index up just 1.18% YoY – the lowest since July 2023.
“Price levels remain elevated, but the rate of appreciation has slowed materially,” according to the report.
New York leads with a 4.9% annual gain, followed by Chicago at 4.6% and Cleveland at 3.6%, while Tampa fell 2.5%…
However, declining mortgage rates since suggest a rebound in aggregate prices could be about to explode…
…before the recent rise in rates kicks in (remember case-shiller data is very lagged).
Is this what President Trump wants to see? Flat prices and lower mortgage rates means more affordability…
