US home price gains slowed in November

WASHINGTON – U.S. home prices rose at a slower pace in November, as sales have tumbled and affordability has deteriorated for many would-be buyers.

The S&P CoreLogic Case-Shiller 20-city home price index grew 4.7 per cent from a year earlier, dropping off from a 5 per cent annual increase in October.

Home sales drifted downward for much of 2018, causing homes to sit on the market longer and price growth to slip. Buyers have found it difficult to afford a home due to a shortage of properties at a median price of roughly $250,000, last year’s rising mortgage rates and roughly six years of home price growth exceeding wage gains.

The Las Vegas metro area posted the largest price gains at 12 per cent, followed by Phoenix at 8.1 per cent and Seattle at 6.3 per cent.