Home prices in 20 U.S. cities climb most since July 2014
The 10-City Composite increased 5.3% in the year to November.
The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a slightly higher year-over-year gain with a 5.3% annual increase in November 2015 versus a 5.1% increase in October 2015.
The 10-City Composite increased 5.3% in the year to November compared to 5.0% previously. The 20-City Composite’s year-over-year gain was 5.8% versus 5.5% reported in October.
Portland, San Francisco and Denver continue to report the highest year over year gains among the 20 cities with another month of double digit annual price increases.
Portland led the way with an 11.1% year-over-year price increase, followed by San Francisco with 11.0% and Denver with a 10.9% increase. Fourteen cities reported greater price increases in the year ending November 2015 versus the year ending October 2015.
Phoenix had the longest streak of year-over-year increases, reporting a gain of 5.9% in November 2015, and the twelfth consecutive increase in annual price gains. Detroit posted a 6.3% year-over-year price, up from 5.1%, the largest annual increase this month.
Before seasonal adjustment, the National Index posted a gain of 0.1% month-over-month in November. The 10-City Composite was unchanged and the 20-City Composite reported gains of 0.1% month-over-month in November.
After seasonal adjustment, the National Index, along with the 10-City and 20-City Composites, all increased 0.9% month-over-month in November. Fourteen of 20 cities reported increases in November before seasonal adjustment; after seasonal adjustment, all 20 cities increased for the month. ■