House Prices Head 0.9% Higher in November
Home prices continue to steadily increase on a seasonally adjusted basis, according to an S&P/Case-Shiller Home Price Index report (link opens as PDF) released today.
After increasing a seasonally adjusted 1.1% for October, the index's 20-city home-price composite added on 0.9% for November, a slight one-tenth of a percentage point above analyst expectations.
Looking at non-seasonally adjusted numbers, November prices fell 0.1% from October -- the first decrease in a year.
"November was a good month for home prices," noted David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement today. "Despite the slight decline, the 10-City and 20-City Composites showed their best November performance since 2005. Prices typically weaken as we move closer to the winter. Las Vegas, Los Angeles and Phoenix stand out as they have posted 20 or more consecutive monthly gains."
For the 12 months ending in November 2013, the 10- and 20-city composites showed average home prices increased 13.8% and 13.7%, respectively. Dallas hit a new year-long high of 9.9% price growth since data were first recorded in 2000, while Chicago's 11% jump is its fastest annual growth since 1988.
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