US Home Prices Still Showing Increases
U.S. home prices are increasing, however, at a slower pace than the month prior. According to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index, prices were up 5.2% annually in November compared to 5.3% in October. The 10-city and 20-city composite indices were also down year-over-year in November compared to the previous month.
"Home prices are still rising, but more slowly than in recent months," said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in a release. "The pace of price increases are being dampened by declining sales of existing homes and weaker affordability. Sales peaked in November 2017 and drifted down through 2018. … Housing market conditions are mixed while analysts' comments express concerns that housing is weakening and could affect the broader economy."
Overall, there was not much movement for individual cities within the composite indices on a month-to-month basis; however, on a year-over-year outlook, all cities saw pricing growth. Las Vegas showed the largest one-year change at 12%. Phoenix and Seattle were a distant second and third with an 8.1% and 6.3% annual increase, respectively.
All three indices' current readings are above their 2006 peak registered in the summer of that year. They are also each more than 50% higher than their cycle through levels hit in early 2012.
-Michael Miller, managing editor