US home price for December edged up, the growth has slowed to its lowest level according to surveys released on Tuesday.

The drop in the National Composite Index for December was the sixth in a row, indicating that the ease in home prices that started in June 2022 did not cease until the end of the year.

The Federal Reserve's strong monetary policy has severely hurt the housing market, with residential investment falling for seven consecutive quarters, the worst such run since 2009.

Mortgage rates have started to rise again after good reports on consumer spending, the labour market, and monthly inflation levels increased the likelihood that the U.S. central bank would hike interest rates during the summer.

Freddie Mac's records show that the 30-year fixed mortgage rate jumped to an average of 6.50% last week from 6.32% the week before. The rate reached a three-month high after the third consecutive weekly increase.

Home prices edged up 6.6% in the 12 months through December, the weakest increase since June 2020, according to a separate survey released on Tuesday by the Federal Housing Finance Agency. This was down from an increase of 8.2% in November. They grew by 6.6% in 2022 as opposed to 18.0% in 2021.