Growth in U.S. Home Prices Cooled Off a Tiny Bit in November
Nearly two years into the pandemic, the demand for homes hasn’t let up.
The growth in U.S. homes prices slowed slightly in November.
A measure of home prices in 20 U.S. cities jumped 18.3%, down from 18.5% in October, the S&P CoreLogic Case-Shiller index showed Tuesday. It marked the fourth straight month that home-price appreciation has cooled off ever so slightly.
Phoenix, Tampa and Miami posted the highest gains among the cities tracked by the index.
Almost two years into the pandemic, the demand for homes hasn’t let up. With inventory at record lows, bidding wars are still common across the country, shutting out buyers who are stretching their budgets. More sellers are expected to list their properties, and mortgage rates are rising, which may help keep price gains in check.
The S&P CoreLogic Case-Shiller index of national property values climbed 18.8%, down from 19% the previous month.
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