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.