S&P Dow
Jones Indices (S&P DJI) informed on Tuesday its Case-Shiller Home Price
Index, which tracks home prices in 20 U.S. metropolitan areas, demonstrated a 4.3
per cent y-o-y surge in November 2024, following an unrevised 4.2 per cent y-o-y gain in October. This marked the first acceleration in
annual house price growth since March 2024.
Economists had predicted
an increase of 4.3 per cent y-o-y.
According to
the report, 19 of 20 cities posted
y-o-y advances in prices in November, led by New York (+7.3 per cent
y-o-y), Chicago (+6.2 per cent y-o-y), and Washington (+5.9 per cent y-o-y). Meanwhile,
Tampa (-0.4 per cent y-o-y) was the only city that showed a y-o-y drop in prices,
which was the first one for any market in over a year.
The
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, jumped 3.8 per cent y-o-y in November, following a 3.6 per cent y-o-y soar in the previous month.
On a m-o-m
basis, the U.S. National Index and the 20-City Composite slipped
0.1 per cent each.
Commenting on
the latest data, Brian D. Luke, CFA, Head of Commodities, Real & Digital
Assets at S&P DJI, noted that with the exception of pockets of above-trend
performance, national home prices were trending below historical averages. He
added that the Northeast was the fastest growing region, averaging a 6.1%
annual gain, while markets out west and in once red-hot Florida trended well
below average growth. “Returns for the Tampa market and entire Southern region
rank in the bottom quartile of historical annual gains, with data going back to
1988,” Luke said.