House prices soared in November, but slower, S & P Case-Shiller said

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A “for sale” sign can be seen outside the New York home.

Shannon Stapleton | Reuters

The housing market entered a traditional downturn in November, but house prices have risen sharply since a year ago.

In the S & P Core Logic Case-Shiller National Home Price Index, prices rose 18.8% year-on-year. Still, it was slower than the October pace (19% annual profit).

The 10-city complex increased by 16.8% each year from 17.2% last month. The 20-city complex increased by 18.3%, down from 18.5% in October.

Craig Lazarra, Managing Director of S & PDJI, said: ..

Some markets are making amazing profits. Phoenix, Tampa and Miami showed the highest year-over-year growth among the 20 cities in November, up 32.2%, 29.0% and 26.6%, respectively.

Chicago, Minneapolis, and Washington, DC, all still rose about 11%, but had the smallest annual growth.

Eleven of the 20 cities reported higher price increases in the year ending November 2021 compared to the year ending October 2021.

Mortgage rates did not fluctuate much between October and November, maintaining a popular 30-year fixed average between 3% and 3.25%. It was slightly higher than early summer levels, but still historically low and well below current rates. Prices are now about 75 basis points above the previous year’s levels. Low interest rates over the last two years have given buyers more purchasing power and, as a result, fueled today’s ultra-high prices.

“The impact of rising mortgage rates on home prices should soon begin to be seen,” Lazara added.

According to a recent report from Realtor.com, 14 of the top 50 cities in the United States saw their listing prices fall year-on-year in December.

House prices soared in November, but slower, S & P Case-Shiller said

Source link House prices soared in November, but slower, S & P Case-Shiller said

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