Home prices grew 5.2 percent in November, a slight decrease from the 5.3 percent growth in October, according to the latest S&P CoreLogic Case-Shiller Indices.
Price gains in the 10-City Composite also slowed, growing 4.3 percent year-over-year in November compared with 4.7 percent in October. The 20-City Composite grew 4.7 percent compared with 5.0 percent in October.
“The pace of price increases is being dampened by declining sales of existing homes and weaker affordability,” stated David Blitzer, managing director of the Index Committee at S&P Dow Jones Indices.
Sales peaked in November 2017 and drifted down during 2018, Blitzer added.
Las Vegas, Phoenix and Seattle had the highest year-over-year home price increases among the 20 cities, jumping 12.0 percent, 8.1 percent and 6.3 percent, respectively.
