The Southeast region led all regions in home price growth
Prices of typical single-family homes continued to rise at a modest rate across the United States, according to S&P Dow Jones Indices.
The S&P CoreLogic Case-Shiller US National Home Price NSA Index posted a 3.5% annual gain in November, up from 3.2% in the previous month. On a month-over-month basis, the national index grew 0.2%.
"The US housing market was stable in November," said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. "With the month's 3.5% increase in the national composite index, home prices are currently 59% above the trough reached in February 2012, and 15% above their pre-financial crisis peak. November's results were broad-based, with gains in every city in our 20-city composite.”
The 10-city composite climbed 2% year over year, up from 1.7% the prior month. The 20-city composite also edged up from October’s 2.2% to a 2.6% year-over-year increase in November.
Phoenix (5.9%), Charlotte (5.2%), and Tampa (5%) saw the highest year-over-year gains among the 20 cities. Fifteen of the 20 metros posted higher price increases in November compared to October.
"At a regional level, Phoenix retains the top spot for the sixth consecutive month, with a gain of 5.9% for November,” Lazzara said. “Charlotte and Tampa rose by 5.2% and 5.0% respectively, leading the Southeast region. The Southeast has led all regions since January 2019."
Both the 10-city and 20-city had a month-over-month gain of 0.1% before seasonal adjustment. After seasonal adjustment, the index and its composites all reported a 0.5% increase
"As was the case last month, after a long period of decelerating price increases, the national, 10-city, and 20-city composites all rose at a modestly faster rate in November than they had done in October,” Lazzara said. “This increase was broad-based, reflecting data in 15 of 20 cities. It is, of course, still too soon to say whether this marks an end to the deceleration or is merely a pause in the longer-term trend."
