Home prices in America's 20 largest cities rose for the 10th straight month in November (the latest data released by S&P Global Case-Shiller today), up 0.15% MoM (considerably slower than the 0.50% MoM expected and 0.63% prior).

That is the weakest MoM rise since Jan 2023.

Source: Bloomberg

That pushed the YoY price up to +5.40% (but well below the +5.8% exp)...

"November’s year-over-year gain saw the largest growth in U.S. home prices in 2023, with our National Composite rising 5.1% and the 10-city index rising 6.2%," says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P DJI.

Six cities registered a new all-time high price in November - Miami, Tampa, Atlanta, Charlotte, New York, and Cleveland.

But, judging by the resumption of the rise of mortgage rates since the Case-Shiller data was created, we would expect prices to also resume their decline in the short term...

Are price set to shrink again (as the lag on Case-Shiller data and human response to rates) before re-accelerating later this year?

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