The New York City skyline in the United States

United States Housing December 2018

United States: Home price growth softens again in December

Home price growth remained on a downward trajectory for the ninth month running in December. On a month-on-month basis, the S&P/Case-Shiller 20-city composite home price index fell 0.2% in December, matching November’s print but missing expectations of a flat reading. When adjusted for seasonal factors, house prices grew 0.2% from the previous month, down from 0.3% in November.

In annual terms, home price growth fell to a over three-year low of 4.2% in December, down from 4.6% in November. Price gains in West Coast cities continued to lead the print, with Las Vegas and Phoenix registering the largest year-on-year price increases. However, monthly gains suggest momentum was fading in San Francisco, Los Angeles, Seattle and San Diego. Overall, 17 out of the 20 cities in the index registered slower annual price growth in December.

Commenting on the outlook, David Blitzer, managing director at S&P Dow Jones Indices, noted:

“A decline in interest rates in the fourth quarter was not enough to offset the impact of rising prices on home sales. The monthly number of existing single family homes sold dropped throughout 2018, reaching an annual rate of 4.45 million in December. The 2018 full year sales pace was 4.74 million.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest