US house prices rise as expected in December

US house price inflation picked up at the end of 2023, pushing prices further into record territory.

In non-seasonally adjusted terms, the S&P CoreLogic Case-Shiller U.S. National Home Price Index accelerated to a year-on-year pace of 5.5% in December, after rising by 5.0% during the month before.

December's gain marked the seventh consecutive record reading for prices, S&P said.

A sub-index for prices in the 10 largest cities meanwhile increased from 6.3% to 7.0% and that for the 20 largest cities from 5.4% to 6.1% (consensus: 6.0%).

Upon seasonal adjustment, the 20 and 10-city composite price indices were both up by 0.2% month-on-month.

However, higher financing costs saw 15 of the markets register price declines during the fourth quarter when compared with September.