As has been the case for some months the latest report from S&P/Case Shiller shows a continued slowing of home price increases. November results for both the 10-City and 20-City Composite Indices were lower on a year-over-year basis than in October. The National Home Price Index (HPI) eked out a slightly higher annual increase than reported the previous month.
All 20 cities boasted year-over-year increases with the biggest changes in San Francisco with growth of 8.9 percent and Miami, up 8.6 percent. Dallas and Las Vegas each were 7.7 percent higher than in November 2013 and Denver was up 7.5 percent. Cleveland made the poorest showing at 0.6 percent while Minneapolis, New York, Phoenix, and Washington, DC all had annual gains under 2 percent.
David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices said: “Prospects for a home run in 2015 aren’t good. Strong price gains are limited to California, Florida, the Pacific Northwest, Denver, and Dallas. Most of the rest of the country is lagging the national index gains. Moreover, these price patterns have been in place since last spring. Existing home sales were lower in 2014 than 2013, confirming these trends. Difficulties facing the housing recovery include continued low inventory levels….”
In other words, if we could only get some nice listings! Plus, a few other things like wage growth. Remember, all real estate is local. When we list your home, we talk about the market for your Flagstaff home. It’s unique. To schedule a meeting, call 928.714.0001 – The Elite Team at RE/MAX Peak Properties.
Read More from Mortgage News Daily’s report: Case-Shiller: Recovery has Barely Reached First Base
Behind the Numbers:
The S&P/Case Shiller Indices combine matched price pairs for thousands of houses from the available universe of arms-length sales data. The National HPI tracks the value of single-family houses within the nine U.S. Census divisions. The 10- and 20-City Indices are value-weighted averages of the 20 metropolitan area indices. The indices have a base value of 100 in January 2000 so a current index value of 150 indicates a 50 percent appreciation rate since that date for a typical home located in the subject market.
The Federal Housing Finance Agency (FHFA) earlier released its Home Price Index for November showing home prices were up 0.8 percent on a seasonally adjusted basis from October. October’s previously reported 0.6 percent gain was revised down to 0.4 percent. On a year over year basis the index rose 5.3 percent. Home prices measured by FHFA are now at the approximately level of October 2005 and are 4.5 percent below the April 2007 peak.