Homeowners in several key markets have seen the annual pace of home prices rise substantially more than the national average, but there could be softer gains ahead.
Newly released data from Intercontinental Exchange, the operator of stock exchanges including the NYSE, reveals that the average nationwide gain for house prices in November 2024 was 3.3%, a faster pace than the 3.1% of the prior month. Single family homes led the growth (3.6%) with significantly higher gains than condos (1.3%).
However, rising annual gains were a result of weak sales from late 2023 rolling out of the backward looking 12-month window, rather than a sign of accelerating prices in the month, the firm said, adding that single-month price gains actually cooled slightly on an adjusted basis.
ICE’s Mortgage Monitor is expecting another strong month of gains in December before a slower pace for early 2025, which will concern the rising number of homeowners who were sucked into negative equity in 2024 as growth slowed and some were impacted by natural disasters and underinsurance.
For those who own their home or are residential real estate investors in Harford, Connecticut, Buffalo, New York, and Providence, Rhode Island, these markets led above-average gains (8.8%, 8.3%, and 8% respectively) followed by Cleveland, Ohio (7.4%), Philadelphia, Pennsylvania (6.9%), Chicago, Illinois (6.6%), St. Louis, Missouri (6.4%), Louisville, Kentucky (6%), Detroit, Michigan (5.7%), and New York-Newark, New York/New Jersey (5.6%).
Conversely, six of the 50 largest markets saw prices ease from the same time last year: Orlando, Florida (-0.1%), Memphis, Tennessee (-0.6%), Jacksonville, Florida (-0.7%), San Antonio, Texas (-1.3%), Tampa, Florida (-2.2%), and Austin, Texas (-3.1%).
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