In November, home prices increased 9.5 percent YoY, up from October’s 8.4 percent increase, according to the most recent S&P CoreLogic/Case-Shiller Indices. Year-over-year, the 10-City Composite increased 8.8 percent, while the 20-City Composite increased 9.1 percent.
The following cities experienced the highest YoY gains: Phoenix (+13.8 percent), Seattle (+12.7 percent) and San Diego (+12.3 percent). Regionally, prices were strongest in the West (+10.1 percent) and Southwest (+9.7 percent), with the historically lagging Northeast (+9.3 percent) also showing impressive growth.
The complete data for the 20 markets measured by S&P:
Las Vegas, Nev.
Los Angeles, Calif.
New York, N.Y.
San Diego, Calif.
San Francisco, Calif.
What the Industry Is Saying:
“The housing market’s strength was once again broadly-based: all 19 cities for which we have November data rose, and all 19 gained more in the 12 months ended in November than they had gained in the 12 months ended in October.
“As COVID-related restrictions began to grip the economy last spring, their effect on housing prices was unclear. Price growth decelerated in May and June before beginning a steady climb upward. November’s report continues that acceleration in a particularly impressive manner. The National Composite last matched this month’s 9.5 percent growth rate in February 2014, more than six and a half years ago. From the perspective of more than 30 years of S&P CoreLogic Case-Shiller data, November’s 9.5 percent year-over-year change ranks near the top decile of all monthly reports.
“Recent data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This may represent a true secular shift in housing demand or may simply represent an acceleration of moves that would have taken place over the next several years anyway. Future data will be required to address that question.” — Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices