National Home Price Growth Increased 5.1 Percent In November

The latest S&P CoreLogic Case-Shiller U.S. National Home Price Index just dropped, offering a glimpse at November numbers across the U.S. In all, the index reported a 5.1 percent annual gain in November, up from a 4.7 percent rise in the previous month. 

The 20-City Composite posted a year-over-year increase of 5.4 percent, with Detroit reporting the highest annual  gain among the 20 cities with an 8.2 percent increase. San Diego followed with an 8 percent increase. For the third month in a row, Portland fell 0.7 percent and remained the only city reporting lower prices in November compared to  a year ago.

Seattle and San Francisco reported the largest monthly declines, falling 1.4 percent and 1.3 percent, respectively.

“U.S. home prices edged downward from their all-time high in November,” says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P DJI. “The streak of nine monthly gains ended in November, setting the index back to levels last seen over the summer months.

“The Northeast and Midwest recorded the largest gains with returns of 6.4 percent and 6.3 percent, respectively,” Luke continued. “Other regions are not far behind with the slowest gains in the West of 3 percent. This month’s report revealed the narrowest spread of performance across the nation since the first quarter of 2021.” 

Six cities registered a new all-time high in November: Miami, Tampa, Atlanta, Charlotte, New York, and Cleveland.