The numbers: The S&P CoreLogic Case-Shiller 20-city house price index rise fell 0.5% in December, its sixth monthly decline.
Year-over-year appreciation was still up 4.6%, but has slowed down from a 6.8% annual increase in the previous month.
A broader measure of home prices, the national index, fell a seasonally adjusted 0.3% in December, but was up 5.8% over the past year.
Key details: Miami, Tampa and Atlanta reported the highest year-over-year gains among the 20 cities in December.
San Francisco, Seattle and Portland reported the lowest year-over-year gains. San Francisco has seen home-price growth fall by 4.2% from last December.
Here’s the full list of 20 cities and their home prices:
| Cities | Change from last year |
| Atlanta | 10.4% |
| Boston | 5.2% |
| Charlotte | 9.9% |
| Chicago | 5.9% |
| Cleveland | 6% |
| Dallas | 7.9% |
| Denver | 3.5% |
| Detroit | 4.5% |
| Las Vegas | 3.6% |
| Los Angeles | 2.7% |
| Miami | 15.9% |
| Minneapolis | 3.2% |
| New York | 6.6% |
| Phoenix | 2.9% |
| Portland | 1.1% |
| San Diego | 1.6% |
| San Francisco | -4.2% |
| Seattle | -1.8% |
| Tampa | 13.9% |
| Washington | 4.3% |
| Composite-20 | 4.6% |
Big picture: Home prices reflect the major slowdown the interest rate-sensitive housing sector went through at the end of last year.
And with mortgage rates back up, housing sales are poised to take a hit, meaning that home prices will likely continue this downward slide in the coming months.
What S&P said: “The prospect of stable, or higher, interest rates means that mortgage financing remains a headwind for home prices, while economic weakness, including the possibility of a recession, may also constrain potential buyers,” Craig J. Lazzara, managing director at S&P DJI, said.
“Given these prospects for a challenging macroeconomic environment, home prices may well continue to weaken,” he added.
Market reaction: The Dow Jones Industrial Average
DJIA,
and the S&P 500
SPX,
were up in early trading on Tuesday. The yield on the 10-year Treasury note
TMUBMUSD10Y,
rose above 3.94%.
