In November, national home prices in the US rose at the same annual growth rate as in October. Two metro areas in California, including San Francisco and San Diego, as well as Seattle, WA, experienced home price declines in November, while home prices in Los Angeles, CA, were unchanged.
The Case-Shiller US 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 US National Home Price 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.
Even as appreciation slowed in 19 of the nation’s 35 largest housing markets, national home value growth is faster than it was when the market was coming out of the Great Recession. The fastest home values grew in the earliest years of the recovery was 7 per cent in early 2014.Case-Shiller US National Home Price Index
The median existing house price increased +2.9% from a year ago to US$253,600 in December. That was the smallest increase since February 2012.
The median US home value is US$223,900, up +7.6% from December 2017, when national home value appreciation was +7.4%. Home value appreciation across much of the country has been fairly steady over the past year
The median rent increased +1.4% from the previous December to a Zillow Rent Index of US$1,460. This was the biggest annual increase in rents since June 2018. Orlando, FL, rents saw the biggest jump, up +6.4% over the past year to US$1,496. Rents fell -1.3% in Portland, OR.Zillow Rent Index
Homes-for-Sale inventory fell slightly over the past year, down -0.4% since December 2017. This came after three consecutive months of gains in the number of homes for sale, suggesting that national sustained inventory growth is not here yet.