Home prices rose in November, as the S&P/Case-Shiller U.S. National Home Price Index (HPI) increased
0.9 percent on the month. Nationally, home prices have risen 5.3 percent over the past year.

Western Cities Lead the Way

  • U.S. home prices, as measured by the S&P/Case-Shiller
    National HPI, picked up 0.9 percent in November. The 10-City
    and 20-City HPIs both rose solidly, each posting increases of
    0.9 percent over the month. Western cities led the way, as
    Portland, San Francisco and Denver saw the greatest gains.
  • In a separate report released today, the FHFA HPI, which
    reflects homes securitized by Fannie Mae or Freddie Mac, rose
    5.9 percent over the year.

Supply & Demand Driving Prices

  • Historically low levels of inventory for new and existing homes
    should continue to support home prices into 2016. Meanwhile,
    housing demand is likely to remain solid as underlying
    fundamentals, including improving labor market conditions and
    household formations, continue to strengthen.
  • We are looking for home price appreciation to decelerate
    modestly in 2016, to 4 to 4.5 percent, as supply gradually comes
    back online and demand from foreign buyers cools off.

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