The numbers: The S&P CoreLogic Case-Shiller 20-city price index posted a 18.3% year-over-year gain in November, down slightly from 18.5% the previous month. On a monthly basis, the index increased 0.9% between October and November.
Meanwhile, the Case-Shiller national home price index demonstrated 18.8% growth between 2020 and 2021 in November, also down from the prior month.
The Federal Housing Finance Agency released its own house price index, which demonstrated that prices rose 17.5% on an annual basis in November.
“House price levels remained elevated in November, but the data indicate a pivot,” Will Doerner, supervisory economist in the FHFA’s division of research and statistics, said in the report.
“The last four months reflect average gains of 1 percentage point, down from the larger prior changes during the spring and summer months,” he added. “This new trend is a welcome shift but still twice the monthly average we have seen in the last 20 years, which echoes concerns about access and affordability in housing markets.”
Key details: Once again, Phoenix recorded the highest rate of home-price growth in the country in November, with a 32.2% year-over-year increase. Two Florida cities closely followed: Tampa with a 29% uptick and Miami with a 26.6% gain.