Here Are the US Metros Where Home Price Growth Is Slowing the Most

Despite a 4.6% gain in year-over-year appreciation, the S&P CoreLogic Case-Shiller 20-city house price index dropped 0.5% in December 2022, its sixth consecutive monthly decline, Realtor.com reports. After posting record increases throughout the pandemic, San Francisco, Seattle, and Portland, Ore., reported the lowest annual gains in December with price changes of -4.2%, -1.8%, and 1.1%, respectively.

By contrast, Miami, Tampa, Fla., and Atlanta reported the highest year-over-year gains among the 20 cities tracked, but all metros are expected to see home prices weaken in the year ahead.

“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.

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