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Home-price growth trended below historic averages in November, according to the S&P CoreLogic Case-Shiller national home-price index (HPI) released Tuesday.
In November, the national index came in at a reading of 323.91, up 3.8% annually but down 0.09% month over month. The annualized increase is up from the 3.6% gain posted in October.
“Despite below-trend growth, our National Index hit its 18th consecutive all-time high on a seasonally adjusted basis,” Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, said in a statement.
The 10-city (332.59) and 20-city (350.4) composite indexes showed little change from the month prior. The 10-city index posted a 4.9% annual increase — the same as in October — and the 20-city index rose 4.3% annually, up from 4.2% a month prior.
Both indexes posted miniscule monthly price decreases at 0.02% for the 10-city and 0.12% for the 20-city.
Once again, New York topped the 20-city list for the largest annual price gain at 7.3%, followed by Chicago and Washington, D.C., at 6.2% and 5.9% respectively.
Tampa, which was the top dog for price gains not long ago, was at the bottom of the list with an annual price decrease of 0.4% in November.
“Unsurprisingly, the Northeast was the fastest growing region, averaging a 6.1% annual gain. However, markets out west and in once red-hot Florida are trending well below average growth,” Luke said. “Tampa’s decline is the first annual drop for any market in over a year. Returns for the Tampa market and entire Southern region rank in the bottom quartile of historical annual gains, with data going back to 1988.”
The Federal Housing Finance Agency’s House Price Index posted a similar increase in November, jumping 4.2% annually, according to data released Tuesday. Like the Case-Shiller index, the FHFA’s data shows that November 2024 marked the fourth straight month in which the year-over-year growth rate was lower than it had been a month earlier.
“Annual house price gains continued to moderate in November, with sales prices in all nine Census divisions exhibiting slower pace of growth than a year earlier,” Anju Vajja, the deputy director for FHFA’s division of research and statistics, said in a statement. “The slowdown in price growth is likely due to higher mortgage rates contributing to cooling demand.”
