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Ekonomické zprávy
25.01.2022

U.S. home price growth slows less than expected in November - S&P Dow Jones Indices

S&P Dow Jones Indices (S&P DJI) reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, jumped 18.3 percent y-o-y in November, following an upwardly revised 18.5 percent y-o-y surge (from 18.4 percent y-o-y) in October. This represented the softest annual increase in house prices since May (+17.3 percent y-o-y).

Economists had expected a climb of 18.0 percent y-o-y.

Phoenix (+32.2 percent y-o-y), Tampa (+29.0 percent y-o-y), and Miami (+26.6 percent y-o-y) posted the largest y-o-y gains among the 20 cities in November. Overall, 11 of the 20 cities demonstrated greater price advances in the year ending November compared to the year ending October.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, soared 18.8 percent y-o-y in November, decelerating from 19.0 percent y-o-y in the previous month.

Commenting on the November data, Craig J. Lazzara, Managing Director at S&P DJI noted that the home prices showed the same trend in November as in the past several months, growing at a very high, but decelerating, rate. He also added that the impact of rising mortgage rates on home prices is expected to be seen in the short term.

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