Data from the latest S&P CoreLogic Case-Shiller Indices show that home prices continued to increase at a modest rate across the U.S. in November 2019, with a 3.5% annual gain in the U.S. National Home Price NSA Index, up from 3.2% in the previous month.
The 10-City Composite annual increase came in at 2%, up from 1.7% in the previous month. The 20-City Composite posted a 2.6% year-over-year gain, up from 2.2% in the previous month.
Phoenix, Charlotte and Tampa reported the highest year-over-year gains among the 20 cities. In November, Phoenix led the way with a 5.9% year-over-year price increase, followed by Charlotte, with a 5.2% increase, and Tampa, with a 5.0% increase.
Fifteen of the 20 cities reported greater price increases in the year ending November 2019 versus the year ending October 2019.
The National Index posted a month-over-month increase of 0.2%, while the 10-City and 20-City Composites both posted a month-over-month increase of 0.1% before seasonal adjustment in November. After seasonal adjustment, the National Index, 10-City and 20-City Composites all posted a 0.5% increase. In November, 13 of 20 cities reported increases before seasonal adjustment while all 20 cities reported increases after seasonal adjustment.
“The U.S. housing market was stable in November,” says Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “With the month’s 3.5 percent increase in the national composite index, home prices are currently 59 percent above the trough reached in February 2012, and 15 percent above their pre-financial crisis peak. November’s results were broad-based, with gains in every city in our 20-city composite.
“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,” he adds. “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.”