S&P Dow
Jones Indices (S&P DJI) reported on Tuesday its Case-Shiller Home Price
Index, which tracks home prices in 20 U.S. metropolitan areas, demonstrated a 5.4
per cent y-o-y jump in November 2023, following an unrevised 4.9 per cent y-o-y climb in October. This was the strongest annual gain in house prices
since November 2022 (+6.9 per cent).
Economists had forecast
a surge of 5.8 per cent y-o-y.
According to
the report, 19 of 20 cities demonstrated y-o-y increases in prices in November,
led by Detroit (+8.2 per cent y-o-y), San Diego (+8.0 per cent y-o-y), Cleveland
(+7.4 per cent y-o-y) and New York (+7.4 per cent y-o-y). Meanwhile, Portland (-0.7
per cent y-o-y) was the only city
that showed a y-o-y decrease in prices.
The
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, soared 5.1 per cent y-o-y in November, following a downwardly
revised 4.7 per cent y-o-y rise (from +4.8 per cent y-o-y) in the previous
month.
On m-o-m basis,
the U.S. National Index and the
20-City Composites both fell 0.2 per cent, recording their first monthly declines
since January 2023.