Home Prices Rose 5.1% YOY in November, Says S&P Case-Shiller

Washington, DC, January 30, 2024-Home prices made a 5.1% annual gain in November, up from a 4.7% rise in the previous month, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported. 

The Ten-City Composite showed an increase of 6.2%, up from a 5.7% increase in the previous month. The 20-City Composite posted a year-over-year increase of 5.4%, up from a 4.9% increase in the previous month. Once again, Detroit, Michigan reported the highest year-over-year gain among the 20 cities with an 8.2% increase in November, followed again by San Diego, California with an 8% increase. For the third month in a row, Portland, Oregon fell 0.7% and remained the only city reporting lower prices in November versus a year ago.

For the first time since January 2023, the U.S. National Index and 20-City Composite posted 0.2% month-over-month decreases in November, while the Ten-City Composite posted a 0.1% decrease.

After seasonal adjustment, the U.S. National Index and the Ten-City Composite posted month-over- month increases of 0.2%, while the 20-City Composite posted a month-over-month increase of 0.1%.