Home prices increased 3.5 percent year-over-year in November, according to the most recent S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released Tuesday.
The previous month saw a gain in home prices of 3.2 percent, making this month’s increase a continuation of recent upward trends.
The 10-City Composite annual increase was 2.0 percent, a climb from 1.7 percent the previous month. Similarly, the 20-City Composite came in at a 2.6 percent year-over-year gain, rising from 2.2 percent the previous month.
As in recent months, Phoenix, Charlotte and Tampa reported the highest year-over-year gains. Phoenix came in at the top with a 5.9 year-over-year increase, whereas Charlotte earned a 5.2 percent increase and Tampa a 5 percent increase. This month marks the sixth consecutive month in which Phoenix has retained the top spot for year-over-year gains.
“The U.S. housing market was stable in November,” said Craig Lazzara, managing director and Global Head of Index Investment Strategy at S&P Dow Jones Indices in a press release. “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.”
As Lazzara noted, the national, 10-City and 20-City composites all rose at a slightly faster rate in November than October, indicating that this is not an isolated instance of increasing prices.
Lazzara was cautious in his statement, however. “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.”