Rising from 8.4 percent growth the month before, the numbers reveal a year in which the pandemic did little to temper sky-high growth, according to new data Tuesday.

Home price gains accelerated in November, rising 9.5 percent year-over-year, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released Tuesday.

Rising from 8.4 percent growth the month before, the home price numbers reveal a year in which the pandemic did little to temper sky-high growth seen during much of 2020, after the immediate shock of the pandemic wore off.

“The trend of accelerating home prices that began in June 2020 has now reached its sixth month with November’s emphatic report,” Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said in a statement. “The National Composite Index gained 9.5 percent relative to its level a year ago, accelerating from October’s 8.4 percent increase.”

S&P CoreLogic Case-Shiller

Phoenix, Seattle and San Diego experienced the highest gains at 13.8 percent, 12.7 percent and 12.3 percent, respectively. November’s growth is one of the highest annual increases in nearly two decades.

“As COVID-related restrictions began to grip the economy last spring, their effect on housing prices was unclear,” Lazzara said. “Price growth decelerated in May and June before beginning a steady climb upward. November’s report continues that acceleration in a particularly impressive manner. The National Composite last matched this month’s 9.5 percent growth rate in February 2014, more than six and a half years ago.”

The S&P/Case-Shiller U.S. National Home Price Index is “a composite of single-family home price indices that is calculated every month; the indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question.”

Email Veronika Bondarenko

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription