Home prices increased 3.8% in November 2024 compared to the same month a year ago, up from a 3.6% rise the previous month, according to the S&P CoreLogic Case-Shiller Index released today. The 10-city composite rose 4.9% year over year, the same as the previous month. The 20-city composite increased 4.3% year over year, up from a 4.2% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with a 7.3% increase in November, followed by Chicago and Washington, D.C., with annual increases of 6.2% and 5.9%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.3% in November compared to the previous month. Home prices were up 4.2% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.