A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. (Photo: Reuters)
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index covering all nine U.S. census divisions gained 6.2% annually in November, up from 6.1%.
The 10-City Composite annual gain came in at 6.1%, up from 5.9% the previous month, while the 20-City Composite made a 6.4% year-over-year gain,up from 6.3% the previous month.
“Home prices continue to rise three times faster than the rate of inflation,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The S&P CoreLogic Case-Shiller National Index year-over-year increases have been 5% or more for 16 months; the 20-City index has climbed at this pace for 28 months.”
Seattle, Las Vegas, and San Francisco posted the highest year-over-year gains among the 20 cities. In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.6% increase, and San Francisco with a 9.1% increase.
Six cities reported greater price increases in the year ending November 2017 juxtaposed to year ending October 2017.
“Looking across the 20 cities covered here, those that enjoyed the fastest price increases before the 2007-2009 financial crisis are again among those cities experiencing the largest gains,” Mr.Blitzer added. “San Diego, Los Angeles,Miami and Las Vegas, price leaders in the boom before the crisis, are again seeing strong price gains.”
“They have been joined by three cities where prices were above average during the financial crisis and continue to rise rapidly–Dallas, Portland OR,and Seattle.”
