Annual increases in each of the three S&P CoreLogic Case-Shiller indices slowed fractionally from October to November. However, the rate of appreciation in the House Price Index (HPI) produced by the Federal Housing Finance Agency (FHFA) increased slightly. Case-Shiller’s U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, was 18.8 percent higher in November than 12 months earlier. The annual increase in October was 19.0 percent. The 10-City Composite’s annual gain was 16.8 percent, down from 17.2 percent the prior month while the 20-City Composite slowed from 18.5 percent in October to an 18.3 percent year-over-year gain. [caseshillerchartcomposite] Phoenix, Tampa, and Miami held on to the top spot for annual appreciation among the 20 cities tracked.  Phoenix’s home prices rose 32.2 percent, leading the nation for the 30th consecutive month. It was followed by Tampa with a 29.0 percent gain and Miami at 26.6 percent. Miami narrowly edged out Las Vegas, Dallas, and San Diego . Eleven of the 20 cities reported higher price increases in the year ending November 2021 versus the year ending October 2021. Prices were strongest in the South and Southeast (both up more than 25.0 percent), but every region continued to log impressive gains. CoreLogic Deputy Chief Economist Selma Hepp said, “ While the November S&P CoreLogic Case-Shiller slowed for the third consecutive month, many markets continue to experience acceleration in annual gains. More than half of the 20 markets reported by S&P CoreLogic Case-Shiller had higher price growth in November, particularly warmer markets in Florida and the Southeast, as well as markets in [the] Southwest. Additionally, higher tier price ranges have remained relatively more resistant to economic forces, mortgage rates and COVID-19-related demand changes and continue to be magnet markets for many buyers. Given that these areas have also had the relatively largest gains in in-migration, pressure on prices has persisted and will likely remain over the coming year.”

Published On: January 25, 2022 / Categories: Mortgage News /