U.S. Home Prices Fall for 5th Straight Month in November, Case-Shiller Index Shows
Getty Images
The numbers: The S&P CoreLogic Case-Shiller 20-city price index fell a seasonally adjusted 0.5% in November, marking the fifth consecutive monthly decline.
Year-on-year appreciation was still up 8.6% annually, down from a 10.4% increase in October.
A broader measure of home prices, the national index, fell by a seasonally adjusted 0.6% in November and was up 9.2% over the past year.
Key details: Miami, Tampa and Atlanta reported the largest year-over-year gains among the 20 cities in November. All 20 cities reported lower price increases for the year.
In November, 19 cities reported seasonally adjusted declines, with only Detroit increasing 0.1%.
A separate report from the Federal Housing Finance Agency showed home prices falling 0.1% in November after remaining flat in the prior month.
Big picture: There is some optimism in housing as mortgage interest rates have backed off 100 basis points since their October highs. Some economists think that there is a bottom in sales. Prices are expected to continue to fall for several months.
Doug Duncan, chief economist at Fannie Mae, told MarketWatch he expects housing to help keep the economy from a severe downturn.
Market reaction: Stocks were set to open lower on Tuesday. The yield on the 10-year Treasury note slipped to 3.49%.
The post U.S. Home Prices Fall for 5th Straight Month in November, Case-Shiller Index Shows appeared first on Real Estate News & Insights | realtor.com®.
