Pace of annual home-price gains slows again in latest Case-Shiller; Boston sees four point two percent increase MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgnet

 The pace of annual home price gains slowed again in most U.S. cities in January, while San Diego, Seattle, Portland and San Francisco saw negative price growth, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. At a national level, the index rose three point eight percent year over year, compared to a five point six percent annual gain in December. Month over month, the index was down point five percent in January, slightly better than the point eight percent decline registered in December. The ten city composite annual increase was two point five percent, down from four point four percent in December, while the twenty city composite rose two point five percent year over year, compared to four point six percent in the previous month.

 “Financial news this month has been dominated by ructions in the commercial banking industry, as some institutions’ risk management functions proved unequal to the rising level of interest rates,” S&P DJI Managing Director Craig Lazzara noted in a press release. “Despite this, the Federal Reserve remains focused on its inflation-reduction targets, which suggest that rates may remain elevated in the near-term. Mortgage financing and the prospect of economic weakness are therefore likely to remain a headwind for housing prices for at least the next several months.” In Boston, home prices posted a four point two percent year-over-year gain in January; month over month, they were down point three percent.

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