LA, New York, Miami home prices continue to rise

Case-Shiller index up 6.4% in November

TRD LOS ANGELES /
Jan.January 30, 2018 01:30 PM
(Credit: S&P)

Home prices continued their upward streak in November.

The 20-city index registered a 6.4 percent growth rate year-over-year, marking the biggest increase since June 2014. The monthly data was released Tuesday by the S&P CoreLogic Case-Shiller index.

The November gains were spread unevenly. The best performing cities were again in the West. Seattle led the nation with a 12.7 percent annual increase in November 2017 compared to November 2016. That was followed by Las Vegas and San Francisco.

Los Angeles also outperformed the average, with a 7 percent annual increase.

In the New York metro area, home prices rose 5.7 percent.

Miami, meanwhile, saw a 4 percent increase.

Prices in Chicago, Cleveland, Detroit, Charlotte saw annual decreases.

While 2017 showed a consistent rise in home prices through November, the growth rate outpaced the rise in wages. That could lead to an affordability crunch for first-time buyers. In addition, the tax bill, which passed in December, will introduce new factors to the housing market that could affect the home price increases.


Related Articles

arrow_forward_ios
Fewer homes are selling across Southern California, but low supply helped push pricing up across the region.

Far fewer SoCal homes traded in April, but prices rose

Far fewer SoCal homes traded in April, but prices rose
Scott Laurie, chief executive of Olson Co. and Christopher Thornberg, founding partner of Beacon Economics

How slow can you go? Statewide homebuilders tap brakes on new projects amid rising costs

How slow can you go? Statewide homebuilders tap brakes on new projects amid rising costs
CoreLogic analyst Andrew LePage

LA home sale prices just set another record high

LA home sale prices just set another record high
John Burns (Credit: iStock)

As mortgage rates fall, 250K more SoCal households can afford starter homes

As mortgage rates fall, 250K more SoCal households can afford starter homes
Southland Regional Association of Realtors President Dan Tresierras and the San Fernando Valley (Credit: Wikipedia)

San Fernando Valley might be selling homes slowly, but prices just won’t stop rising

San Fernando Valley might be selling homes slowly, but prices just won’t stop rising
CoreLogic Research Analyst Andrew LePage

Peak LA: Home prices tie all-time high, but fewer properties sell

Peak LA: Home prices tie all-time high, but fewer properties sell
Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Malibu spec mansion lists amid softening luxury market
Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...