The monthly S&P/Case-Shiller Home Price Indices for the month of November were released this morning, and the results were worse than expected. The annual decline in home prices in the 10- and 20- metropolitan regions measured by the indices fell -3.6% and -3.7%, respectively. A median forecast had predicted a drop of -3.3% in the 20-city index. For just the month of November, home prices fell in both indices by -1.3% compared with October prices.
In the 20-city Case-Shiller index, the one-year decline in Atlanta was worst, at -11.8%, followed by Las Vegas at -9.1% and Chicago at -5.9%. The only city posting a one-year price gain in November was Washington, D.C., up 0.5%.
Only one city, Phoenix, posted a month-over-month gain in November, and that gain was just 0.6%. The largest decline month-over-month came in Chicago, at -3.4%, with Atlanta falling -2.5% in the month.
If there’s a bright spot here, it is that falling house prices appear to be attracting more buyers, but until data is available on how many new purchases actually close, enthusiasm in the homebuilding sector may be stronger than the evidence warrants.
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
