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Homebuyers to return to US housing market as home prices fell by 0.2% in January

Posted on March 31, 2023

In January, the national home price index grew annually by 3.8%, marking a straight 9th month of annual decline in home price gains; monthly prices fell by 0.2% after revising for seasonal changes.

The Federal Reserve's interest rate hikes shrunk the housing market, with residential investment contracting for 7 straight quarters, the longest streak since the 2007-2009 Great Recession.

But, mortgage rates have continued their drop as last week Fed indicated it would halt further increases in borrowing costs due to the failure of 2 regional banks which put pressure on the financial market.

In Southeast, year-on-year home price growth is strong, with positive gains in Miami and Tampa; price gains were also registered in Atlanta and Charlotte.

However, in the West, home prices continued to decline; annual home prices fell in San Diego, Portland, San Francisco, and Seattle.

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