U.S. House Prices Fell in July, S&P Sees "Forceful Deceleration" in Market By Investing.com

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U.S. House Prices Fell in July, S&P Sees "Forceful Deceleration" in Market

Published Sep 27, 2022 21:22

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U.S. House Prices Fell in July, S&P Sees

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.

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