The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.6% annual gain in November and a 5.5% annual gain in December’s 5.5%. The index’s 10-city composite showed a 4.5% annual increase – up from 4.3% the previous month – and the 20-city composite was up to 5.3% from 5.1% in October.
Among the 20 cities, Seattle, Portland and Denver had the highest year-over-year gains over the last 10 months, with Seattle in the lead with a 10.4% year-over-year price increase. Portland came in second with 10.1%, followed by Denver with 8.7%.
Month-over-month, before seasonal adjustment, a gain of 0.2% in November was reported; the 10-city and 20-city composites also gained 0.2%. After seasonal adjustment, the index reported a 0.8% increase, while both city composites reported a 0.9% increase.
“With the S&P CoreLogic Case-Shiller National Home Price Index rising at about 5.5% annual rate over the last two-and-a-half years and having reached a new all-time high recently, one can argue that housing has recovered from the boom-bust cycle that began a dozen years ago,” said David M.
Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. “The recovery has been supported by a few economic factors: low interest rates, falling unemployment, and consistent gains in per-capita disposable personal income.”
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Home prices continuously increased over the last 12 months, according to data from S&P CoreLogic Case-Shiller Indices.