All of the 60 Largest Metros Experience Declines in Home Prices in November as Longest Boom Ends
National Home Price Appreciation (HPA) Index – November 2022
Key takeaways:
- National YoY HPA for November 2022 averaged 6.7%, down from 8.5% a month ago and 16.7% a year ago.
- Historically, HPA in the low price tier has outpaced HPA in the upper price tiers.
- YoY HPA varied significantly among the 60 largest metros. It ranged from -5.8% in San Jose (negative 12.9% when inflation adjusted) to 17.8% in Miami.
- National Month-over-Month (MoM) HPA in November was -0.9%, and it is expected to keep declining in December and January based on the Optimal Blue data.
- The West and the high price tier are showing the greatest amount of cooling.
- Months’ supply continues to be extremely tight across the nation and all price tiers. Months’ supply stood at 2.5 months in November 2022, down from the pre-pandemic level of 3.0 months in November 2019, but up from 2.1 months in October 2022 and a trough of 0.9 months in May 2022.
- November 2022 overall inventory was up 47% from a year ago but was still at only half of the 2017-2019 levels.
Full Report
To view more data on HPA and months supply, please visit our interactive.
AUTHORS
Far too many overpriced houses under construction in our area just at the wrong time. Turning our heretofore rural quality of life into borg-like suburban sprawl with tiny yards and houses so close people can shake hands out of their kitchen windows.
Greedy developers deserve to lose money and county planning commissions should be fired.