The annual increases in U.S. home prices
is nearing dizzying levels. The November data from the Federal Housing Finance
Agency (FHFA) crossed into double digits for the second consecutive month while
the months numbers from S&P CoreLogic Case-Shiller U.S. National Home Price
NSA Index came close. The Case-Shiller index,
which covers all nine U.S. census
divisions, gained 9.5 percent compared to the previous November. The annual increase
in October was 8.4 percent. On a seasonally
adjusted monthly basis the National Index rose 1.4 percent and was 1.1 percent
higher on an unadjusted basis. Appreciation in Case-Shiller’s
two composite indices also accelerated –
each rose more than a single percentage point from the annual gains in October.
The 10-City composite’s increase came in at 8.8 percent compared to 7.6 percent
in October. The 20-City Composite rose 9.1 percent, up from 8.0 percent. Data
from Wayne County Michigan continues to be insufficient due to earlier COVID
related shutdowns to include Detroit’s housing transactions in the indices.