November Home Prices Drop Most in Chicago and Detroit

Month over month, the 20-city index declined 0.2% and the 10-city index fell 0.3%, while the national index fell 0.1%.

The indexes track prices on a three-month rolling average. November represents the three-month average of September, October and November prices. Average home prices for November are back at their levels in the autumn of 2004.

Compared with their peak in the summer of 2006, home prices on both indexes remain down about 16% to 17%. Since the low of March 2012, home prices are up 28.2% and 29.0% on the 10- and 20-city indexes, respectively. Recovery levels are down 0.3% compared with October 2014 levels.

All 20 cities in the index posted year-over-year gains, and all also experienced a slowdown in year-over-year growth rates. In nine cities, the month-over-month change was negative: Chicago down 1.1%; Detroit down 0.9%; New York down 0.8%; Minneapolis down 0.7%; Washington, D.C., down 0.5%; Seattle down 0.4%; Charlotte down 0.3%; Cleveland down 0.3%; and Boston down 0.2%.

The largest month-over-month gains came in Tampa, which was up 0.8%, and San Diego, Las Vegas and Los Angeles, which were up 0.3%.

The chairman of the S&P index committee said:

With the spring home buying season, and spring training, still a month or two away, the housing recovery is barely on first base. Prospects for a home run in 2015 aren’t good. Strong price gains are limited to California, Florida, the Pacific Northwest, Denver, and Dallas. Most of the rest of the country is lagging the national index gains. Moreover, these price patterns have been in place since last spring. Existing home sales were lower in 2014 than 2013, confirming these trends.

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