Real Estate

Home price gains weakened sharply in November

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A sign is posted in front of a home that is for sale on December 19, 2022 in Los Angeles, California.

Mario Tama | Getty Images

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%…



Source cnbc.com

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