The S&P CoreLogic Case-Shiller Indexes (HPI) continued to show an upward trend for home prices in November, and year-over-year, beating the forecast. The 20-City Composite posted a 0.5% monthly gain and a 2.6% year-over-year gain, up from 2.2% in the previous month.
Forecasts for the 20-City ranged from a low of 0.3% to 0.4%. The consensus forecast was 0.4%.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, posted a 3.5% annual gain in November, up from 3.2% in the previous month.
The 10-City Composite posted a 2.0% annual increase, 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.
“The U.S. housing market was stable in November,” Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices, said. “With the month’s 3.5% increase in the national composite index, home prices are currently 59% above the trough reached in February 2012, and 15% above their pre-financial crisis peak.”
“November’s results were broad-based, with gains in every city in our 20-city composite.”
Phoenix, Charlotte and Tampa led the S&P CoreLogic Case-Shiller 20-City with the highest year-over-year. In November, Phoenix posted a 5.9% year-over-year price gain, followed by Charlotte at 5.2% and Tampa at 5.0%. Fifteen of the 20 cities reported greater price increases in the year ending November 2019 versus the year ending October 2019.
“At a regional level, Phoenix retains the top spot for the sixth consecutive month, with a gain of 5.9% for November,” Mr. Lazzara noted. “Charlotte and Tampa rose by 5.2% and 5.0% respectively, leading the Southeast region. The Southeast has led all regions since January 2019.”
