S&P Dow Jones Indices released the Home Price Index for November. The Case-Shiller U.S. National Home Price Index rose at a seasonally adjusted annual growth rate of 10.4%, up from a revised 10.1% pace in October. House prices have accelerated since May and surpassed the pre-recession peak of 2006. Tight inventory and high demand pushed up prices at a rapid pace.
The Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 6.4% in November, after the 3.5% increase in October, confirming the reacceleration in home prices.
Along with the increases in national home prices, local home prices also increased in varying degrees in November. Figure 2 shows the annual growth rate of home prices for 20 major U.S. metropolitan areas.
Similar to last month, all of the 20 metro areas had positive home price appreciation, ranging from 5.7% to 15.3%. Denver had the highest home price appreciation at 15.3%, while Cleveland had the lowest but still positive growth at 5.7%. Home price appreciation in eleven of the 20 metro areas was higher than the national level of 10.4%. Those markets were Denver (15.3%), New York (14.8%), Boston (14.8%), Tampa (14.0%), Atlanta (12.7%), Seattle (12.7%), Detroit (11.5%), Portland, OR (11.4%), Washington, DC (11.3%), Charlotte (11.3%) and Dallas (10.6%).