Home Prices Up 0.6% for November
Home prices rose 0.6% for November 2012 on a seasonally adjusted basis, according to a S&P/Case-Shiller Home Price Index report [link opens in PDF] released today. The index measures single-family home prices across 20 U.S. cities, and uses January 2000 as a benchmark base value of 100. The newest numbers clock in at 145.82, 5.5% above November 2011's 20-city index on a not seasonally adjusted basis.
The new index missed market analysts' estimates. Wall Street expected a slightly higher 0.7% month-over-month rise, and had predicted a 5.8% year-over-year increase.
Ten cities experienced price improvements from October to November. San Francisco and Phoenix home prices rose fastest (1.4%) while Chicago brought up the rear with a 1.3% price slump. The latest 0.6% month-to-month increase matches the index's increase from September to October.
In the 12 months ended in November, prices rose in 19 cities but fell in New York. Phoenix improved the most over the year (22.8%), while New York prices fell by 1.2%.
Regionally, the Southwest and Southeast are staging the strongest comebacks, according to the report, while the Northeast and industrial Midwest are bringing up the rear of a potential housing market recovery.
This most recent report comes one day after a lackluster pending home sales report.
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