Higher mortgage rates weighed on home price gains in December.
Home prices in December were 5.8% higher than the previous December, according to S&P Case-Shiller. That's down from a 7.6% annual gain in November.A "For Sale" sign in front of a home in Roseville, California, on Tuesday, Dec. 6, 2022.Higher mortgage rates weighed on home price gains at the end of 2022. While prices were still higher than they were a year earlier, the rate of increase slowed quickly, according to data released Tuesday.
For all of 2022, the 5.8% price gain was the 15th best performance in the index's 35-year history, but was well below 2021's record-setting 18.9% gain. Cities still seeing the biggest price gains were Miami, Tampa and Atlanta – up 15.9%, 13.9% and 10.4%, respectively. All 20 cities reported lower prices in the year ending December 2022 versus the year ending November 2022.
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