Home Prices Rise at Modest Rate
The closely watched S&P/Case-Shiller index of American property values in November increased in line with economists' projections. Home prices in 20 US cities climbed 4.3% during the month, following a 4.5% jump for the fiscal year ending in October. Nationwide, prices improved 4.7% in November.
San Francisco and Miami posted the strongest gains, of 8.9% and 8.6%, while Cleveland rounded out the list with a meager 0.6% improvement. "Strong price gains are limited to California, Florida, the Pacific Northwest, Denver, and Dallas,” S&P index committee Chair David Blitzer said in a statement. “Most of the rest of the country is lagging the national index gains.”
Relatively modest price surges may have the silver lining of encouraging new homeowners previously deterred by spiraling costs to enter the market.
