By Kerry Smith
In the latest 20-city index, U.S. home prices rose 7.7% year-to-year and dropped 0.6% month-to-month. But two Florida cities, Tampa and Miami, had the highest one-year increases.
NEW YORK – The latest S&P Dow Jones Indices released on Tuesday and covering November 2022 found a repeated pattern: The index measuring U.S. home prices year-to-year was up 7.7%, but the index measuring month-to-month changes found prices down 0.6% compared to the month before.
The price index is generally considered one of the most reliable and incorporates 20 U.S. cities, including two in Florida, Miami and Tampa.
In the U.S., prices dropped 0.3% month-to-month, from October to November.
In Miami, prices were down a bit less – 0.2% month-to-month – but seasonally adjusted, the Index found 0% change comparing October to November. Only two other cities, Chicago and Cleveland, reported no month-to-month change after a seasonal adjustment. All other U.S. cities in the study saw prices increase.
Miami also saw an 18.4% year-to-year price increase compared to the national average of 7.7%.
Tampa is the other Florida city used for price comparisons. The study found a 1.0% price drop month-to-month, seasonally adjusted to 0.9%. Year-to-year, prices in Tampa were up 16.9%.
“November’s best-performing cities were clustered in the Southeast,” says Craig J. Lazzara, managing director at S&P DJI. “Miami (up 18.4%) was the best performer, followed by Tampa (up 16.9%).
“November is the eighth consecutive month that one of our Florida cities has been the national leader,” he adds. “The month’s bronze medal went to Atlanta (up 12.7%), narrowly edging out Charlotte (up 12.6%). Unsurprisingly, the Southeast (up 15.1%) and South (up 14.3%) were the strongest regions and the West (up 4.0%) was the weakest.”
Lazzara says November 2022 marked the fifth consecutive month of declining home prices in the U.S.
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