Home prices fell for the 7th straight month

Home prices fell for the seventh consecutive month in January, according to the S&P CoreLogic Case-Shiller data.

Why it matters: It's the latest sign that the housing market is cooling off after years of blistering growth.

By the numbers: The national home price index fell 5.6% on a month-over-month basis as the 20 biggest markets all posted declines.

But home prices were still up 3.8% from a year earlier, led by gains in cities like Miami, Tampa and Atlanta.

What we're watching: Whether interest rates remain elevated as the Fed continues to fight inflation — and how that affects home prices.

"With affordability still stretched, we expect price falls to continue over the coming months and the peak-to-trough fall to reach around 8% when all is said and done," Capital Economics deputy chief property economist Kiran Raichura wrote Tuesday.