U.S. home prices edged downward from their all-time high in November, with 12 out of the 20 major metro markets reporting month-over-month decreases, according to the latest S&P CoreLogic Case-Shiller Indices released Jan. 30.
"The streak of nine monthly gains ended in November, setting the index back to levels last seen over the summer months," said Brian D. Luke, head of Commodities, Real & Digital Assets at S&P DJI.
While Phoenix was among those 12 reporting month-over-month price decreases between October and November — at -0.3% — year-over-year home prices still increased 2.5% in November, according to the report.
That's now the second month of annual gains after eight consecutive months of declines, said Selma Hepp, chief economist at CoreLogic.
