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)