Some Cities Record Home Price Gains Despite Larger Decline

After eight straight months of decelerating annual home price gains, the trend continued in December, according to the S&P CoreLogic Case-Shiller Index released this week.

In December, the index posted a 5.8% year-over-year increase, down from a 7.6% gain in November. December’s annual gain was the slowest since August 2020. The index’s best-performing year was 2006.

However Miami, Tampa, Atlanta, and Charlotte posted double-digit growth in December.

San Francisco and Seattle both showed annual declines, down by a respective 4.2 and 1.8% in December. Some of the other markets near the bottom for price growth are San Diego and Phoenix, both of which posted around 30% gains earlier in 2022.

All 20 of the index’s key metros continued to experience decelerating annual gains. Washington, Cleveland, and New York saw the smallest declines in year-over-year home price gains compared with November.