NEW YORK—Released by S&P Dow Jones Indices, data through November 2013 for its S&P/Case-Shiller Home Price Indices showed increases for the year. The 10-City and 20-City Composites increased 13.8 and 13.7 percent respectively for the year. For the month of November, the two Composites declined 0.1 percent, which marks the first decrease since November 2012.
“November was a good month for home prices,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Despite the slight decline, the 10-City and 20-City Composites showed their best November performance since 2005. Prices typically weaken as we move closer to the winter.
“Home prices continue to rise despite last May’s jump in mortgage interest rates. Mortgage applications for purchase were up in recent weeks confirming home builders’ optimism shown by the NAHB survey. Combined with low inflation –1.5 percent in 2013 –home owners are enjoying real appreciation and rising equity rates. While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year.”
More information about the cities included on the indices and the levels of change can be found here.