In November, national home prices rose at the same annual growth rate as in October. Three metro areas, including San Francisco, Seattle and San Diego, experienced home price declines in November, while home prices in Los Angeles were unchanged.
The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 5.1% in November, unchanged from the previous month. On a year-over-year basis, the Case-Shiller U.S. National Home Price NSA Index rose by 5.2% in November, down from the 5.3% in October. Home price appreciation in November reflects not only broader economic growth and tight inventory, but also affordability concerns.
The Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 4.7% in November, slower than the 5.1% in October.
In addition to tracking home price changes nationwide, S&P also reported home price indexes across 20 metro areas. In November, the annual growth rates of the 20 metro areas ranged from -5.8% to 10.9%. Among the 20 metro areas, New York, Atlanta and Phoenix had the highest home price appreciation. New York led the way with a 10.9% increase, followed by Atlanta with a 10.3% increase and Phoenix with an 8.1% increase. Eight of the 20 metro areas exceeded the national average of 5.1% in November. Compared to two metro areas in October, four metro areas experienced price declines in November and they are San Francisco (-5.8%), Seattle (-3.8%), Cleveland (-0.9%), San Diego (-0.5%). Home prices remained unchanged in Los Angeles.
Seattle was one of the metro areas that led the nation in home price appreciation. Between December 2017 and May 2018, Seattle had reported double-digit home price appreciation, but that has changed recently. Home prices have declined for five consecutive months in Seattle since July 2018.
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