U.S. home-price gains slow to 6½-year low: Case-Shiller
The numbers: The S&P CoreLogic Case-Shiller 20-city index declined a seasonally adjusted 0.2% increase in January compared to December, the slowest pace of annual growth since 2012. Price gains were still 3.6% higher compared to a year ago
What happened: The broader national Case-Shiller index rose 4.3% for the three months ending in January. Economists surveyed by Econoday had forecast a 4.2% yearly increase for the closely-watched 20-city index.Big picture: The housing market has hit an inflection point. After years of runaway price growth, home values are braking hard. More cities saw a monthly decline in January than saw gains.
Amid the slowdown in expensive West Coast cities — San Diego and San Francisco were among the slowest annual price gainers in January — a new contender cracked the top 3. Price growth in Minneapolis, when taken to the third decimal place, was just higher than Charlotte — and Minneapolis was among the metros that experienced a monthly decline.Market reaction: Shares of large publicly-traded home builder companies have skyrocketed in 2019 as lower mortgage rates bolster buyer demand.
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