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  • Data shows US home prices posted a month-over-month decrease in November for the first time since January 2023.
  • The index returned back to levels last seen in the summer of 2023. 
  • However, the year-over-year data still showed home price growth. 

Housing prices in the US came in cooler than expected in November, breaking a streak of monthly gains that began in January 2023. 

The latest S&P Case-Shiller national home price index data published Tuesday — which offers the three-month average for September, October, and November closing prices — showed a moderate slowdown in price gains.

Compared to the same time last year, however, the gauge still climbed 5.1%. 

“US home prices edged downward from their all-time high in November,” said Brian D. Luke, head of commodities, real & digital assets at S&P DJI. “The streak of nine monthly gains ended in November, setting the index back to levels last seen over the summer months.”


The 20-City Composite showed a 0.2% month-over-month decrease in November. The 10-City Composite showed dipped 0.1% month-over-month. However, each saw annual gains of 5.4% and 6.2%, respectively. 

The biggest annual price gains came in Detroit and San Diego, at 8.2% and 8%, respectively. 

“The house price decline came at a time where mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data,” Luke said. “The rate has since fallen over 1%, which could support further annual gains in home prices.”

Miami, Tampa, Atlanta, Charlotte, New York, and Cleveland, meanwhile, notched all-time highs in November. 


Portland was the only city that saw an annual decline.

“This house price index surged 43% from the end of 2019 to mid-2022, then pulled back 4% through early 2023 as high mortgage rates threw sand in the gears of the housing market,” said Bill Adams, chief economist for Comerica Bank. “The index has since more than reversed that correction and is at a new all-time high.”

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