Home prices rose 6.2% on an annual basis in November, not seasonally adjusted, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, released Tuesday.
In October, the index rose 6.1%.
The 10-city composite index grew 6.1% year-over-year, better than the 5.9% rate in the prior month, while the 20-city index grew 6.4% year-over-year, up from 6.3% in October.
Seasonally adjusted, the national and 20-city composite each rose 0.7% in November, while the 10-city composite grew 0.8%.
Economists polled by IFR Markets expected a 0.6% rise month over month and 6.4% year over year.
“Seattle, Las Vegas and San Francisco reported the highest year-over-year gains among the 20 cities, with year-over-year price increases of 12.7%, 10.6% and 9.1%, respectively,” according to a release.
Six cities saw larger price increases for the year ending November than in October.
“Home prices continue to rise three times faster than the rate of inflation,” David M. Blitzer, managing director & chairman of the index committee at S&P Dow Jones Indices, said in a release. “The S&P CoreLogic Case-Shiller National Index year-over-year increases have been 5% or more for 16 months; the 20-City index has climbed at this pace for 28 months. Given slow population and income growth since the financial crisis, demand is not the primary factor in rising home prices.” He added, “Without more supply, home prices may continue to substantially outpace inflation.”