By Geoffrey Smith
Investing.com -- U.S. house prices fell for the first time in two years in July, as the market underwent a "forceful deceleration" due to rising borrowing costs and a slump in consumer confidence.
The national index of house prices compiled by the Federal Housing Finance Agency fell 0.6%, its first monthly decline since May 2020 and only the second drop in over a decade. Meanwhile, the leading private-sector assessment of price movements, published by S&P Global, fell 0.4%, the first monthly decline in that series since 2017.
“Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” Craig J. Lazzara, Managing Director at S&P DJI said in a statement.