US Home Prices Continue to Decline for Seventh Consecutive Month in 2023.

Home prices are declining from last year, but the declines were expected. The surprise is how shallow they've been and how quickly the resilience seems to be stepping in. The most notable factor that will determine the extent of recent resilience is likely the mortgage rate environment, which will depend on the course of inflation and other economic data. Recent banking drama has some investors thinking that inflation could fall back to friendlier levels sooner than expected, but the market needs to see proof in the data before we see bigger changes in rates.