Home Prices Rose 9.2% YOY in November, Says Case-Shiller
New York, NY, January 31, 2023-Home prices made a 9.2% annual gain in November, down from 10.7% in the previous month, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions.
The Ten-City Composite annual increase came in at 8.0%, down from 9.6% in the previous month. The 20-City Composite posted a 8.6% year-over-year gain, down from 10.4% in the previous month.
Miami, Florida; Tampa, Florida; and Atlanta, Georgia reported the highest year-over-year gains among the 20 cities in November. Miami led the way with a 18.4% year-over-year price increase, followed by Tampa in second with a 16.9% increase, and Atlanta in third with a 12.7% increase. All 20 cities reported lower price increases in the year ending November 2022 versus the year ending October 2022.
Before seasonal adjustment, the U.S. National Index posted a -0.6% month-over-month decrease in November, while the Ten-City and 20-City Composites posted decreases of -0.7% and -0.8%, respectively.
After seasonal adjustment, the U.S. National Index posted a month-over-month decrease of -0.3%, and the Ten-City and 20-City Composites both posted decreases of -0.5%.
In November, all 20 cities reported declines before seasonal adjustments. After seasonal adjustments, 19 cities reported declines, with only Detroit increasing 0.1%.