Market Commentary

Home Prices

The S&P CoreLogic Case-Shiller 20-City Home Price Index was reported this week and it rose 2.2%. This is for October which is the most updated information. That 2% figure is year-over-year. From September to October it was up only .1%. At the national level, prices on an annual basis came in at 3.3%.

Phoenix had the highest price appreciation up 5.8% followed by Tampa, Florida and Charlotte, N.C. at a respective 4.9% and 4.8% increase. Interestingly San Francisco home prices fell once again for three months in a row.

Price appreciation has slowed, and we may indeed have seen the top of the home price cycle, but no one is calling for a retrenchment in prices at this point. A low mortgage interest rate is helpful but we have probably seen the bottom for rates and it certainly looks like the top for prices.

Housing sales is robust and likely to remain so in 2020.

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