Home prices increased 5.5% in December 2023 compared to the same month a year ago, up from a 5% rise the previous month, according to the S&P CoreLogic Case-Shiller Index released today. The 10-city composite rose 7% year over year compared to a 6.3% increase the previous month. The 20-city composite increased 6.1% year over year, up from a 5.4% increase the previous month. San Diego reported the highest year-over-year gains at 8.8%, followed by Los Angeles and Detroit, each with an 8.3% increase.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.1% in December compared to the previous month. Home prices were up 6.5% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
