Home prices jumped 4.7 percent year-over-year in December, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
The annual increase declined from a 5.1 percent year-over-year increase recorded in November 2018.
December home prices increased 3.8 percent in the 10-City Composite and 4.2 percent in the 20-City Composite, both increases down slightly from November.
“A decline in interest rates in the fourth quarter was not enough to offset the impact of rising prices on home sales,” stated David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “The monthly number of existing single family homes sold dropped throughout 2018, reaching an annual rate of 4.45 million in December.”
Cities with the highest year-over-year home price gains included Las Vegas, Phoenix and Atlanta, which increased 11.4 percent, 8.0 percent and 5.9 percent, respectively.
