After a nine-month run of home values increases, the inevitable slip happened in November. Released January 19, the FNC Residential Price Index reported that home prices in November remained largely unchanged, a dip of 0.1 percent, from October but are still increasing on an annual basis.
National home prices increased 6 percent annually in November.
“Despite recent months’ more upbeat data on new home sales and residential construction, prices have been relatively stable since August, with month-to-month momentum showing no significant gains, neither decelerating nor accelerating rapidly,” said Yanling Mayer, FNC‘s housing economist and Director of Research.
However, some metros did see month-over-month gains.
- San Francisco, increase of 2 percent
- San Diego, increase of 1.7 percent
- Los Angeles, increase of 1.6 percent
- Boston, increase of 1.4 percent
- San Antonio, increase of 1.3 percent
In November 2015, some cities posted year-over-year gains in the double digits:
- Miami, increase of 13 percent
- Portland, increase of 12.9 percent
- Denver, increase of 12 percent
- San Francisco, increase of 11.3 percent
- Phoenix, increase of 10.5 percent
- Orlando, increase of 10.4 percent
- Sacramento, increase of 10.1 percent
- Dallas, increase of 10 percent
In November 2015, these are the cities with the largest year-to-date change:
- San Francisco, increase of 13.9 percent
- Portland, increase of 11.8 percent
- Sacramento, increase 11.7 percent
- Cincinnati, increase of 11.1 percent
- Denver, increase of 11.1 percent
- Miami, increase of 11.1 percent
- Nashville, increase of 10.1 percent
- Phoenix, increase of 10 percent
Miami saw a 0.8 percent increase in November 2015 over the previous month, making it the ninth best monthly increase in the MSAs recorded. However, the metro did well in the annual and year-to-date categories.
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Miami stood out as the no. 1 most improved market on a annual basis with an uptick of 13 percent.