The pace of annual home price gains slowed again in most U.S. cities in January, while San Diego, Seattle, Portland and San Francisco saw negative price growth, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. 

At a national level, the index rose 3.8% year over year, compared to a 5.6% annual gain in December. Month over month, the index was down 0.5% in January, slightly better than the 0.8% decline registered in December. 

The 10-city composite annual increase was 2.5%, down from 4.4% in December, while the 20-city composite rose 2.5% year over year, compared to 4.6% in the previous month. 

“Financial news this month has been dominated by ructions in the commercial banking industry, as some institutions’ risk management functions proved unequal to the rising level of interest rates,” S&P DJI Managing Director Craig Lazzara noted in a press release. “Despite this, the Federal Reserve remains focused on its inflation-reduction targets, which suggest that rates may remain elevated in the near-term. Mortgage financing and the prospect of economic weakness are therefore likely to remain a headwind for housing prices for at least the next several months.” 

In Phoenix, home prices were flat year-over-year in January; month over month, they were down 1.2%.