{"id":4439,"date":"2024-01-31T01:49:32","date_gmt":"2024-01-31T01:49:32","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/01\/31\/home-price-growth-accelerated-in-november\/"},"modified":"2024-01-31T01:49:32","modified_gmt":"2024-01-31T01:49:32","slug":"home-price-growth-accelerated-in-november","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/01\/31\/home-price-growth-accelerated-in-november\/","title":{"rendered":"Home-Price Growth Accelerated in November"},"content":{"rendered":"

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Mario Tama\/Getty Images<\/p>\n

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Home-price growth accelerated in November as the inventory of homes for sale\u00a0remained unusually low<\/a>.<\/p>\n

The S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the nation, rose 5.1% from a year earlier in November, compared with a 4.7% annual increase the prior month.<\/p>\n

On a month-over-month basis, the index rose a seasonally adjusted 0.2% in November.<\/p>\n

Existing-home sales fell in 2023<\/a>\u00a0to the lowest level since 1995 as high mortgage rates and a shortage of homes on the market made it difficult for potential buyers to afford purchases or find homes to buy. While elevated mortgage rates have\u00a0pushed buyers out of the market<\/a>, home prices have held near record highs because the supply of homes for sale has remained very low. Homeowners with low rates on their current mortgages\u00a0are opting to stay put<\/a>\u00a0rather than sell and move.<\/p>\n

The median existing-home sale price rose 4.4% in December from a year earlier to $382,600, according to the National Association of Realtors.<\/p>\n

The Case-Shiller index, which measures repeat-sales data, reports on a two-month delay and reflects a three-month moving average. Homes usually go under contract a month or two before they close, so the November data is based on purchase decisions made earlier this year.<\/p>\n

The Case-Shiller 10-city index rose 6.2% over the year ended in November, following a 5.7% increase in October. The 20-city index rose 5.4%, compared with a 4.9% increase in October.<\/p>\n

Economists surveyed by The Wall Street Journal expected the 20-city index to increase 5.7%.<\/p>\n

Detroit had the fastest annual home-price growth in the country, at 8.2%, followed by San Diego, at 8%. The weakest market was Portland, Ore., where prices fell 0.7% on an annual basis.<\/p>\n

A separate measure of home-price growth by the Federal Housing Finance Agency also released Tuesday found a 6.6% increase in home prices in November from a year earlier. The FHFA index rose 0.3% in November from the prior month on a seasonally adjusted basis.<\/p>\n

The post Home-Price Growth Accelerated in November<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Mario Tama\/Getty Images Home-price growth accelerated in November as the inventory of homes for sale\u00a0remained unusually low. The S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the nation, rose 5.1% from a year earlier in November, compared with a 4.7% annual increase the prior month. On a month-over-month basis, the index…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4439"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4440"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4439"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}