Home-price growth in the US accelerated in December, capping a period with a steep drop in mortgage rates. Prices nationally rose 5.5% from a year earlier, according to data from S&P CoreLogic Case-Shiller. That’s larger than the 5% annual gain in November. San Diego had the biggest year-over-year gain, at 8.8%, of the 20 cities tracked. Next was Los Angeles-Orange County and Detroit, each with an 8.3% increase. December’s index tracks the final three months of 2023, a time in which 30-year borrowing costs soared to a two-decade high of 7.79% then fell sharply to end the year at 6.61%. The decline unleashed some pent-up demand among buyers who had to compete for a tight supply of homes listed for sale. The country’s persistent inventory shortage has helped push purchase prices ever higher.

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