U.S. home prices reached an all-time high for the 19th month in a row in December, as the pace of annualized increases reversed its downward trajectory, S&P Dow Jones Indices said. 

Specifically, the seasonally adjusted S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 3.9% year over year compared to a 3.7% annual gain in November. Month over month, the index rose 0.5%. 

“National home prices have risen by 8.8% annually since 2020, led by markets in Florida, North Carolina, Southern California and Arizona,” Brian Luke, head of commodities, real and digital assets, at S&P Dow Jones Indices, said in a press release. “While our National Index continues to trend above inflation, we are a few years removed from peak home-price appreciation of 18.9% observed in 2021 and are seeing below-trend growth over the history of the index.” 

In Boston, home prices rose 6.35% year over year and 0.42% month over month in December. Beantown’s annual increase was the third highest in the U.S. after New York and Chicago.

The 10-city composite index rose 5.1% on a yearly basis and 0.5% on a monthly one, while the 20-city composite rose 4.5% annually and 0.5% monthly.   

“Pressure on home prices remains muted as many potential buyers and sellers decided to step away from home buying and selling activity going into the winter months,” CoreLogic Chief Economist Selma Hepp said in a statement. “And while anticipation going into the spring home-buying season is building, there are no clear signs yet that buyers will rush in the same way they did during the last couple of years, particularly given the growing concerns around continued inflation and large-scale layoffs in some regions.”