Homes For Sale Prices Up 18.8% Year-to-Year with USA Average in Estero Florida

The increase in the prices for homes in the top 10 and top 20 cities in S&P CoreLogic Case-Shiller Index’s was slightly less, but Phoenix, Tampa and Miami had highest year-over-year gains.

NEW YORK – A leading measure of U.S. home prices, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, reported an 18.8% annual gain in November. While a strong rate of price appreciation, however, it’s down from 19.0% in the previous month. The index covers all nine U.S. census divisions.

The index’s 10-City Composite (largest cities) found an annual increase of 16.8%, down from 17.2%. The 20-City Composite posted an 18.3% year-over-year gain, down from 18.5% one month earlier.

Phoenix, Tampa and Miami reported the highest year-over-year gains among the 20 cities in November.

“Phoenix’s 32.2% increase led all cities for the 30th consecutive month,” says Craig J. Lazzara, Managing Director at S&P DJI. “Tampa (up 29.0%) and Miami (up 26.6%) continued in second and third place … Prices were strongest in the South and Southeast (both +25.0%), but every region continued to log impressive gains.”

Month-over-month

Before seasonal adjustment, the U.S. National Index posted a 0.9% month-over-month increase in November, while the 10-City and 20-City Composites posted increases of 0.9% and 1.0%, respectively.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.1%, and the 10-City and 20-City Composites posted increases of 1.1% and 1.2%, respectively.

In November, 19 of the 20 cities reported increases before seasonal adjustments, but all 20 cities reported increases after seasonal adjustments.

“For the past several months, home prices have been rising at a very high, but decelerating, rate,” says Lazzara. “That trend continued in November 2021 … (but) in all three cases, November’s gains were less than October’s.”

Still, Lazzara says November’s increase remains noteworthy, because it’s “the sixth-highest reading in the 34 years covered by our data – and the top five were the months immediately preceding November.”

Index analysts have suggested for months that housing market strength is driven, in part, by a “change in locational preferences as households react to the COVID pandemic.” However, it’s still too soon to tell if the change in demand is unique or largely consumers who would have made the same buying decisions with COVID-19 but strung them out over the next several years.

“In the short term, meanwhile, we should soon begin to see the impact of increasing mortgage rates on home prices,” adds Lazzara.

FAQs

1. How much have home prices increased in Estero, Florida?

Home prices in Estero, Florida, have increased by 18.8% year-over-year, in line with the national average increase according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

2. How does the increase in Estero compare to other U.S. cities?

While Estero saw an 18.8% increase, some cities like Phoenix, Tampa, and Miami experienced even higher year-over-year gains, with Phoenix leading at 32.2%, Tampa at 29.0%, and Miami at 26.6%.

3. What is the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index?

The S&P CoreLogic Case-Shiller Index is a widely recognized measure of U.S. home prices, covering all nine U.S. census divisions. It tracks the change in residential home prices and provides an insight into market trends.

4. How did the U.S. National Index perform in November?

In November, the U.S. National Index posted an 18.8% annual gain, slightly down from 19.0% in the previous month. Month-over-month, the index increased by 0.9% before seasonal adjustment and 1.1% after seasonal adjustment.

5. What are the top cities with the highest year-over-year gains in home prices?

Phoenix, Tampa, and Miami reported the highest year-over-year gains, with Phoenix leading at 32.2%, followed by Tampa at 29.0% and Miami at 26.6%.

6. What trends are seen in home prices across different regions?

Prices were strongest in the South and Southeast regions, both experiencing a 25.0% increase. Despite slight deceleration, all regions continued to log impressive gains.

7. How does the increase in mortgage rates affect home prices?

Analysts predict that the rising mortgage rates will eventually impact home prices, potentially slowing down the rate of increase as borrowing costs rise.

8. How has the COVID-19 pandemic influenced the housing market?

The housing market strength is partly driven by a change in locational preferences as households react to the COVID-19 pandemic. However, it remains uncertain if this change in demand is a temporary shift or a long-term trend.

9. Are these price increases sustainable?

While home prices continue to rise, the rate of increase is decelerating. The future sustainability of these increases may be influenced by factors like mortgage rates and overall economic conditions.