The growth in U.S. home prices slowed slightly in November.
A measure of home prices in 20 U.S. cities jumped 18.3%, down from 18.5% in October, the S&P CoreLogic Case-Shiller index showed Tuesday. It marked the fourth straight month that home-price appreciation has cooled off ever so slightly.
Phoenix, Tampa and Miami posted the highest gains among the cities tracked by the index.
In Seattle, prices were up 23.3% in November compared with the same time in 2020, according to the index. Seattle ranked seventh among the major cities the index tracks, the same ranking as a month earlier.
The pace of growth in Seattle was slower in the fall than in the busier spring months. Still, growth picked up a bit in November. From October to November, prices were up 1.4%, according to the index. That was faster than in the October, but still slower than in the frenzied months of March and April last year.
The index reflects single-family home sales in areas of King, Snohomish and Pierce counties.
The median King County home sold last year went for $828,111, according to separate data from the Northwest Multiple Listing Service.
Almost two years into the pandemic, the demand for homes hasn’t let up. With inventory at record lows, bidding wars are still common across the country, shutting out buyers who are stretching their budgets. More sellers are expected to list their properties, and mortgage rates are rising, which may help keep price gains in check.
The S&P CoreLogic Case-Shiller index of national property values climbed 18.8%, down from 19% the previous month.
Material from Seattle Times staff reporter Heidi Groover is included in this report.