Home prices for the 10 largest cities in the U.S. rose by 7.0% year-over-year in December, up from 6.3% in the previous month, according to Standard and Poor’s Case-Shiller home price index report.
The top 20 cities had a slightly less pronounced increase, with prices rising 6.1% year-over-year as of December, up from 5.4% in November, according to the index. The increase in costs is coupled with a rise in the average for a 30-year mortgage rate, which ticked up to 6.90% the week of Feb. 22 after declining slightly from the recent peak of 7.80% that was seen in October, according to the Federal Reserve Bank of St. Louis.
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