US home prices fell in January for the seventh-straight month

Washington, DC CNN  — 

US home prices fell for the seventh month in a row in January, even as mortgage rates eased, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday.

After seasonal adjustment, the National Index posted a month-over-month decrease of 0.2%.

“2023 began as 2022 had ended, with US home prices falling for the seventh consecutive month,” said Craig Lazzara, managing director at S&P DJI.

The National Home Price Index, covering all nine US census divisions, reported a 3.8% annual gain in January from the year before, but that is down from a 5.6% annual gain in the previous month.

This is a developing story and will be updated