The S&P Cotality Case-Shiller U.S. national home price index recorded a 1.4% annual gain for November, higher than the market expected 1.3%. This is flat from the 1.4% rise in October. Nine of the 20 major markets declined. Regional divergence persists as home prices in the Midwest and Northeast outpaced the South. Home prices in Chicago and New York rose 5.7% and 5% year over year, respectively, while home prices in sunbelt cities continued their downward trend, such as Tampa (-3.9%) and Dallas (-1.4%).
ABA’s Office of the Chief Economist believes that the low November home price appreciation reflects a housing market still weighed by high mortgage rates and low affordability. Further downward movement of mortgage rates should support home sales, which could result in higher mortgage originations and refinance activities.










