Jan. 30, 2018
Housing prices in the U.S. kept rising year-over-year in November 2017, according to the latest results from the S&P CoreLogic Case-Shiller Indices, which showed Seattle, Las Vegas and San Francisco having the highest gains among 20 cities.
As the leading measure of U.S. home prices, the indices cover the country’s nine census divisions and gauges 10-City and 20-City Composites. S&P Dow Jones Indices released last November’s data on Jan. 30.
Among the results was the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index that reached a 6.2% annual gain in November—up 0.1% from October. While the 10-City Composite annual increase was reported at 6.1%—up from the prior month by 0.2%—the 20-City Composite reached a gain of 6.4%, up 0.1% from the previous month.
“Home prices continue to rise three times faster than the rate of inflation,” S&P Dow Jones Indices’ Managing Director and Index Committee Chairman David M. Blitzer said in a press release. “Construction costs, as measured by National Income and Product Accounts, recovered after the financial crisis, increasing between 2% and 4% annually, but do not explain all of the home price gains. … Without more supply, home prices may continue to substantially outpace inflation.”
Seattle, Las Vegas and San Francisco led the highest year-over-year gains among the 20 cities, reaching 12.7%, 10.6% and 9.1% year-over-year price increases, respectively. Strong price gains continue in San Diego, Los Angeles, Miami, Dallas and Portland, OR.
—Andrew Michaels, editorial associate