Home Price Growth Decelerates in November, S&P CoreLogic Case-Shiller Index Shows

On Tuesday, S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for November. The Index, which covers all nine US Census divisions, revealed that 12 of the 20 major metro markets reported month-over-month price decreases.

Year-over-year, the Index reported an annual gain of 5.1% in November, up from a 4.7% rise in October. The 10-City Composite posted a 6.2% increase, up from a 5.7% rise in October. The 20-City Composite posted a year-over-year increase of 5.4%, up from 4.9% in October.

For the third consecutive month, Detroit, Michigan, led the way with the highest year-over-year gain among the 20 cities with an 8.2% price increase in November, followed by San Diego with an 8.0% increase. For the third month in a row, Portland, Oregon, reported a decline, posting a 0.7% drop in prices. Portland remains the only city reporting lower prices versus a year ago.

For the first time since January 2023, the US National Index and 20-City Composite posted a 0.2% month-over-month decline in November. The 10-City Composite saw a smaller 0.1% decrease in November.

After seasonal adjustment, the US National Index and the 10-City Composite posted a month-over-month increase 0.2%, while the 20-City Composite posted a month-over-month increase of 0.1%.