Home price gains weakened sharply to end 2022: S&P Case-Shiller

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.

Home prices in December were 5.8% higher than the previous December, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That is down from a 7.6% annual gain in November. Prices are now 4.4% below their June peak.

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…