Key Highlights
- Home prices increased +3.5% nationwide in November 2019, according to the CoreLogic Case-Shiller S&P Dow Jones Indices.
- November’s sales volume at highest level in 2019.
- November’s sales volume at highest level in nearly two years.
- Phoenix home prices made the highest gains at +5.9%.
The just released Case-Shiller Home Price Index from the S&P Dow Jones Indices and CoreLogic indicates that home prices increased +3.5% in November 2019, up from +3.2% in October 2019.
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“After a yearlong slowdown in 2019, home values appear primed to go back on the upswing to start 2020. The main driver in this reversal is clearly the ongoing and historical lack of for-sale inventory, though a strong jobs market, stabilizing geopolitical tensions and still-low mortgage rates have played their part,” said Mathew Speakman, Zillow economist, in response to the Case-Shiller report.
November’s sales volume was the highest level in all of 2019 and the highest level in nearly two years.
Speakman sees the ongoing and increasing inventory shortage as threats to the housing market. The economist continued by saying, “…many more for-sale homes are needed in order to ensure that price growth is sustainable and not the start of another period of overheated growth that ultimately turns away more buyers than it attracts.”
Home prices in the Case-Shiller 10-City Composite rose +2% in November 2019. Prices in its 20-City Composite increased +2.6%. According to Craig Lazzara, the managing director and global head of index investment strategy with the S&P Dow Jones Indices, “At a regional level Phoenix retained the top spot for the sixth consecutive month with (home price) gains of +5.9%. Charlotte and Tampa, with gains of +5.2% and +5% respectively.” (The Southeast region of the country had led the march to higher home prices throughout 2019 despite the broad based nature of increasing home values in 15 of the 20 composite cities.)
Lazzara believes “…it’s too soon to say whether (these increasing home values) mark an end to the home price deceleration or is merely a pause in the longer-term trend.”
Thanks to HousingWire’s Julia Falcon and CoreLogic for source data.
Also read:Guarded Optimism as Global Lux Markets Enter 2020 – Part 2, No One Paying Full List Price in Greenwich What the Imbalance of Supply & Demand Looks Like
