German home prices stagnate as interest rates pressure market, IW data show

FRANKFURT, Oct 23 (Reuters) German home prices hardly rose in the third ​quarter, according to ‌data released on Friday by the German Economic Institute (IW), as higher interest rates weigh ‌on ​purchases. • Apartment ⁠prices rose 0.3% ⁠from a year earlier, while single-family homes and duplexes rose 0.4%. • Prices have largely ​been moving sideways since 2023 and are ⁠down 10% ⁠from their 2022 peak, ​IW said. • The data ​come ahead of official third-quarter ‌figures from Germany s statistics office, which are due on December 23. • Official ⁠data showed home prices rose slightly in the second quarter. • Due ⁠to ‌higher financing costs, ⁠demand for properties for ​sale ‌has declined, which ​is why ⁠prices have essentially remained stagnant, IW said. (Reporting by Rene Wagner; writing by Tom Sims; editing by ​Ludwig Burger)