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Home price gains weakened sharply to end 2022, according to S&P Case-Shiller*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.*Prices are now 4.4% below their June peak.(...)Home sales reacted in January, with a sharp jump in properties going under contract, but that is unlikely to have continued in February with rates higher again and still very little on the market for sale.“There is still a lot of uncertainty in the market. Weekly data on buyer activity indicates that homebuyers may be watching mortgage rates closely. Sellers will need to price their homes appropriately to attract buyers and, as a result, we likely will see a continued decline in home price growth through the first quarter of the year,” said Lisa Sturtevant, chief economist at Bright MLS.
Case-Shiller: National House Price Index "Decline Continued" to 5.8% year-over-year increase in DecemberBoth the Case-Shiller House Price Index (HPI) and the Federal Housing Finance Agency (FHFA) HPI for December were released today. Here is a graph of the month-over-month (MoM) change in the Case-Shiller National Index Seasonally Adjusted (SA).The Case-Shiller Home Price Indices for “December” is a 3-month average of October, November and December closing prices. October closing prices include some contracts signed in August, so there is a significant lag to this data.