Home prices nationwide rose in November, but the growth slowed, raising concerns about the strength of the housing market recovery.
The S&P/Case-Shiller index of home prices in 20 major U.S. cities showed Tuesday that prices were up 4.3% in November, compared with last year. In October, the annual growth rate was 4.5%.
On a month-to-month basis, home prices actually edged lower in November from October, extending a slowdown that’s been going on for months.
The report points to continued weakness in 2015, according to David Blitzer of S&P Dow Jones Indices
“The housing recovery is barely on first base,” said Blitzer. “Prospects for a home run in 2015 aren’t good.”
Despite the overall trend, home prices remain strong in certain hot markets.
Miami and San Francisco had the largest home price gains, along with Tampa, Atlanta, Charlotte, and Portland.
Detroit was among the cities where prices fell the most.