Home prices grew 7.7% year-over-year in November, down from the 9.2% gain reported in October, according to the latest S&P CoreLogic Case-Shiller Indices.
It is the fifth consecutive month of decelerating home prices.
The 10-City Composite annual increase was 6.3% (down from 8.0% in October), and the 20-City Composite annual increase was 6.8% (down from 8.6%).
“These declines, of course, came after very strong price increases in late 2021 and the first half of 2022,” stated S&P spokesperson Craig Lazzara. “Despite its recent weakness, on a year-over-year basis the National Composite gained 7.7%, which is in the 74th percentile of historical performance levels.”
Miami, Tampa and Atlanta had the highest year-over-year gains among the 20 cities in November, posting increases of 18.4%, 16.9% and 12.7%, respectively.
