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LA, New York, Miami home prices continue to rise

Case-Shiller index up 6.4% in November

(Credit: S&P)
(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.

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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.

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