US Home Prices Decelerate For 4th Straight Month

For the fourth straight month, US home prices decelerated in the nation’s 20 largest cities. The 20-City Composite rose 18.29% YoY in November (below October’s 18.46% pace but it did print above the expected +18.00% YoY.

Source: Bloomberg

Nevertheless, home price appreciation remains near record highs…

Source: Bloomberg

“We continue to see very strong growth at the city level. All 20 cities saw price increases in the year ended November 2021, and prices in 19 cities are at their all-time highs,” according to Craig J. Lazzara, Managing Director at S&P DJI

Phoenix, Tampa, and Miami reported the highest year-over-year gains among the 20 cities in November but Washington is seeing prices decelerate dramatically, rising just 11.1% YoY (below Minneapolis)…

And all this is before Powell has hiked one rate or stopped buying MBS?