Home Prices Continue Upward Trend

The 20-City Case-Shiller Composite Index increased 5.8 percent year-over-year in November, up from October’s gain of 5.5 percent. The 10-City Composite increased 5.3 percent from the previous year, up from a 5.0 percent annual increase last month. The National Index, which covers all nine census divisions increased by 5.3 percent, compared to a 5.1 percent increase in October.

On a seasonally adjusted monthly basis, the National Index, along with the 10-City and 20-City Composites each posted month-over-month gains of 0.9 percent.

Home prices in five major cities declined on a monthly basis, with prices falling by 0.7 percent in Chicago, 0.5 percent in Boston, 0.3 percent in Atlanta and New York, and 0.1 percent in Las Vegas. Miami posted the highest monthly gain, with prices increasing by 0.8 percent.

“Housing prices continue to recover from the collapse that began before the recession of 2007-2009 and continued until 2012,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Home prices extended their gains, supported by continued low mortgage rates, tight supplies and an improving labor market. Sales of existing homes were up 6.5 percent in 2015 vs. 2014, and the number of homes on the market averaged about a 4.8 months’ supply during the year; both numbers suggest a seller’s market.”

Read the S&P release.