Home prices soared 18.8% in November

Home prices rose 18.8% year-over-year in November, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, but that was down from a 19.1% increase in October.

For the past several months, prices have been pumping the brakes, though still rising at a very high rate, said Craig J. Lazzara, managing director at S&P Dow Jones Indices.

Despite the deceleration, November’s gain was the sixth-highest in the 34 years covered by the index. The top five gains were notched in the months immediately preceding November.

“We continue to see very strong growth at the city level,” he said. “All 20 cities saw price increases in the year ended November 2021, and prices in 19 cities are at their all-time highs.”

Phoenix led all cities for the 30th consecutive month, with a 32.2% annual increase. Tampa was next, up 29%, followed by Miami, which saw prices up 26.6%. Las Vegas, Dallas, and San Diego rounded out the top five. Prices were strongest in the South and Southeast, which were both up 25% or higher, but every region of the country saw gains.

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