Home prices were up annually in November in most major U.S. cities, according to the Intercontinental Exchange (ICE) Home Price Index.
Prices rose the most year over year in Hartford, Connecticut (8.8%); Buffalo, New York (8.3%); Providence, Rhode Island (8%); and Cleveland (7.4%), according to the index based on repeat sales.
Other cities with significant home price gains compared to a year earlier included Philadelphia (6.9%); Chicago (6.6%) and St. Louis (6.4%); Louisville, Kentucky (6%); Detroit (5.7%); and New York-Newark, New Jersey (5.6%).
Home prices were down year-over-year in November in just six of 50 cities. These include Austin, Texas (-3.1%); Tampa, Florida (-2.2%); San Antonio (-1.3%); Jacksonville, Florida (0.7%); Memphis, Tennessee (0.6%); and Orlando, Florida (-0.1%).
Nationally, the index was up 3.3% compared to November 2023. That gain jumped from 3.1% in October, increasing for the second consecutive month, according to ICE.
Single-family home prices rose 3.5% annually compared to just 1.3% for condominiums.
ICE expects the annual gain in the national index to increase once again in December; however, the past two months of rising annual gains reflect weak sales in late 2023 rather than accelerating monthly prices.
Monthly price gains cooled to an adjusted figure of 0.22%, down from 0.25% in October, due to higher interest rates and lower demand for home purchases, according to ICE. ICE expects annual home price growth to slow in early 2025.
