U.S. single-family home prices increase at slowest pace

 

According to the S&P CoreLogic Case Shiller home price index, U.S. single-family home prices saw a 5.8% YoY increase in December.  The index covers all nine U.S. census divisions.  Among the 20 cities, Miami, Tampa, and Atlanta reported the highest YoY increases of 15.9%, 13.9%, and 10.4%, respectively.  The 5.8% annual increase is the smallest gain since mid-2020 after a 7.6% rise in November.  Craig Lazzara, managing director at S&P Dow Jones Index, said the National Composite declined by 0.8% in December, 4.4% below its peak in June.  He added that home prices might continue to weaken owing to higher interest rates and the possibility of a recession.