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U.S. home prices continue to decline

WASHINGTON
2022-12-28 09:27

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WASHINGTON, Dec. 27 (Xinhua) -- U.S. home prices continued to decline, according to data released Tuesday.

The S&P CoreLogic Case-Shiller Home Price Index dropped 0.5 percent for October, marking its fourth monthly fall.

According to the index, year-on-year prices increased 8.6 percent, slowing from 10.4 percent in the previous month.

The data comes amid the most aggressive interest-rate hike cycle in years, as the Federal Reserve battles the worst inflation in four decades.

It also comes as the once red-hot housing market cools amid higher mortgage rates due to rising interest rates.
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