After seasonal adjustment, the U.S. National Index and the 10-City Composite posted month-over-month increases of 0.2%, while the 20-City Composite posted a month-over-month increase of 0.1%.
“U.S. home prices edged downward from their all-time high in November,” says 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. Seattle and San Francisco reported the largest monthly declines, falling 1.4% and 1.3%, respectively.”
“November’s year-over-year gain saw the largest growth in U.S. home prices in 2023, with our National Composite rising 5.1% and the 10-city index rising 6.2%. Detroit held its position as the best performing market for the third month in a row, accelerating to an 8.2% gain. San Diego notched an 8% annual gain, retaining its second spot in the nation. Barring a late surge from another market, those cities will vie for the ‘housing market of the year’ as the best performing city in our composite.”
“Six cities registered a new all-time high in November (Miami, Tampa, Atlanta, Charlotte, New York, and Cleveland). Portland remains the lone market in annual decline. The Northeast and Midwest recorded the largest gains with returns of 6.4% and 6.3%, respectively. Other regions are not far behind with the slowest gains in the West of 3%. This month’s report revealed the narrowest spread of performance across the nation since the first quarter of 2021.”
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The decline in the local index is picking up speed, but it’s not falling as fast as it was last year.
Who cares – September, October, and November were forever ago.
Either a house has been improved to sell and gets a lot of attention, or it sits.
Take our listing here:
Judging by the statistics, Zillow thinks this house should sell fast, a smaller house down the street just had seven offers and sold over $1,400,000, and we are up to NINE offers on our similarly-priced new listing. But here the owner refused to do staging, in spite of our recommendation – and they have bought and sold three other houses with us!
The impact? Only two people came to the open house on Saturday, and we haven’t sniffed an offer.
Buyers don’t have the vision or patience to imagine what a house could be – they are attracted to those homes who have already done the work for them. At these prices, you can’t blame them!
U.S. house prices rose in November, up 0.3 percent from October, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI®). House prices rose 6.6 percent from November 2022 to November 2023. The previously reported 0.3 percent price increase in October remained unchanged.
For the nine census divisions, seasonally adjusted monthly price changes from October 2023 to November 2023 ranged from -0.2 percent in the New England division to +0.7 percent in the Mountain division. The 12-month changes ranged from +3.1 percent in the West South Central division to +9.8 percent in the New England division.
“U.S. house prices continued to appreciate in November, with year-over-year growth slightly above the historical average.” said Dr. Nataliya Polkovnichenko, Supervisory Economist in FHFA’s Division of Research and Statistics. “All nine census divisions experienced positive price appreciation over the last 12 months, with five census divisions exhibiting deceleration compared to the price appreciation observed last year.”
The Best Performing City is between San Diego and Detroit?