According to the latest S&P CoreLogic Case-Shiller report, U.S. home values increased 20.4% in April, down from the prior month’s revised climb of 20.6%. While April posted the largest jump in home price growth since the start of the data series, the pace slowed for the first time since November 2021.

The slight deceleration occurred as mortgage rates topped 5% for the first time during the last week of April, an early indication of how quickly the once-blistering hot housing market has calmed down.

While the rate of home price growth slowed marginally, it remained elevated at double the pre-pandemic pace.

That slowing suggests that “we’re at a tipping point in terms of home price growth,” Selma Hepp, deputy chief economist at CoreLogic, told Yahoo Finance Live (video above). “We do expect going forward that deceleration in home prices is going to take even a harder turn and home prices will slow down substantially by this time next year.”