Home Price Appreciation Slows in November

Filed in Economics by on January 29, 2019 0 Comments

Home appreciation increased by 5.2% in November, down from 5.3% the previous month, according to the latest S&P CoreLogic Case-Shiller National Home Price Index released today.

The 10-city composite index posted a 4.3% price gain in November, down from October’s 4.7% reading, while the 20-city index posted a 4.7% year-over-year gain, down from 5% the previous month.

“Home prices are rising, but more slowly than in recent months,” David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a press release announcing the latest price data. “The pace of price increases are being dampened by declining sales of existing homes and weaker affordability.”

Las Vegas, Phoenix and Seattle reported the highest year-over-year gains among the 20 cities. In November, Las Vegas led the way with a 12% year-over-year price increase, followed by Phoenix with an 8.1% gain and Seattle with a 6.3% rise.

Seven of the 20 cities reported greater price increases in the year ending November 2018 vs. the year ending October 2018.

The table below summarizes the results for November 2018. The S&P CoreLogic Case-Shiller Indices are revised for the prior 24 months, based on the receipt of additional source data.

Metro Area               Nov. 2018 Level    Nov/Oct % Change   Oct/Sep % Change   1-Year % Change

Atlanta 148.88 0.3% 0.2% 6.2%
Boston 216.59 0.1% 0.1% 5.6%
Charlotte 159.30 0.2% 0.3% 5.5%
Chicago 143.53 -0.7% -0.3% 3.1%
Cleveland 122.93 -0.7% -0.6% 4.6%
Dallas 187.85 0.2% 0.0% 4.0%
Denver 215.43 -0.3% -0.3% 6.2%
Detroit 124.14 -0.4% -0.2% 5.7%
Las Vegas 189.97 0.0% 0.3% 12.0%
Los Angeles 281.99 -0.3% 0.0% 4.4%
Miami 239.54 0.3% 0.2% 5.0%
Minneapolis 172.99 -0.2% -0.2% 5.8%
New York 202.44 0.4% 0.5% 3.5%
Phoenix 187.47 0.3% 0.7% 8.1%
Portland 232.60 -0.5% -0.5% 4.4%
San Diego 253.85 -0.6% -0.2% 3.3%
San Francisco 265.35 -0.7% -0.7% 5.6%
Seattle 245.83 -0.7% -1.0% 6.3%
Tampa 214.05 0.4% 0.3% 5.7%
Washington 227.96 0.0% 0.0% 2.7%
Composite-10 227.42 -0.1% 0.1% 4.3%
Composite-20 213.66 -0.1% 0.0% 4.7%
U.S. National 205.85 0.1% 0.0% 5.2%

Sources: S&P Dow Jones Indices and CoreLogic
Data through November 2018

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