US Home Prices Continue to Decline for Seventh Consecutive Month in January

US home prices fell for the seventh consecutive month in January, with a 0.6% decline from December, according to the S&P CoreLogic Case-Shiller index. On an annual basis, prices are up just 3.8%. The Federal Reserve's campaign to tighten policy and slow the economy has impacted the interest rate-sensitive housing market, with higher mortgage rates dampening consumer demand. Despite this, the Fed remains focused on its inflation-reduction targets, suggesting rates may remain elevated in the near-term, which could continue to be a headwind for housing prices for at least the next several months.