The 10-City and 20-City Composites saw year-over-year growth rates decline in November, compared with October’s year-over-year rates, according to the most recent S&P Home Price Indices report (PDF file).
The 10-City Composite gained 4.2 percent year-over-year, a decline from 4.4 percent in October. The 20-City Composite gained 4.3 percent year-over-year, down from 4.5 percent in October.
Meanwhile, the National Home Price Index actually grew from 4.6 percent in October to 4.7 percent in November.
Month to month, the National and Composite Indices skewed negative in November.
The 10- and 20-City Composites declined 0.3 percent and 0.2 percent, and the National Index dipped 0.1 percent in November.
“With the spring home buying season … still a month or two away, the housing recovery is barely on first base,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in the report. “Prospects for a home run in 2015 aren’t good.”
The housing recovery faces a number of difficulties. Inventory levels are low and mortgage qualification standards are stiff, he said.
The economy is doing better in other areas, namely job creation, unemployment and consumer confidence, Blitzer said, adding that he hopes those areas can pull the housing recovery into full swing.
