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
San Francisco unsurprisingly stood out among the rest of the metros for residential price increases.
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The year-over-year home price increase in San Francisco between November 2015 and 2014 was 11.3 percent, which was the fourth largest gain. Miami, Portland and Denver outpaced the City by the Bay.
San Francisco was accompanied by other California MSAs– San Diego and Los Angeles– with the biggest gains.