Home prices aren’t keeping up with inflation , representing a drag on wealth in real terms, according to S&P Global. That’s as home prices have been falling on a monthly basis, while President Donald Trump’s tariffs have kept inflation sticky and still-high mortgage rates have weighed on demand.

High home prices and mortgage rates have created unaffordable conditions for many Americans, but the housing market’s ability to create more wealth has sputtered.

That’s because even as home prices continue to hover around record levels, they are also edging lower and lagging behind the rate of inflation, which has heated up amid President Donald Trump’s tariffs.

“For the first time in years, home prices are failing to keep pace with broader inflation,” said Nicholas

Godec, head of Fixed Incom

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