U.S. Home Prices Rose 0.5% in November

• Home prices grew 0.5% month over month in November, the third consecutive month with a 0.5% increase.
• On a year-over-year basis, home prices rose 5.7%, the smallest annual increase since October 2023.
• 14 of the 50 most populous U.S. metros recorded a drop in home prices month over month.

U.S. home prices grew 0.5% from a month earlier in November on a seasonally adjusted basis, the third consecutive month with a 0.5% increase. On a year-over-year basis, home prices rose 5.7%, the lowest annual increase since October 2023. 

This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It’s similar to the S&P CoreLogic Case-Shiller Home Price Indices but is published more than one month earlier. November data covers the three months ending November 30, 2024. Read the full RHPI methodology here.

November was the sixth-consecutive month where annual price growth slowed and the second-consecutive month where it dipped below 6%. That’s a similar speed to 2019, prior to the pandemic-driven buying frenzy that saw prices spike by as much as 21.7% year over year in March 2022.

“Home prices are likely to keep rising steadily throughout 2025 at a similar pace to this year,” said Redfin Senior Economist Sheharyar Bokhari. “Elevated mortgage rates will cause many homeowners to hang onto their homes—and the low rates they have locked in. That means there will be enough buyers competing over a relatively low number of homes to keep prices ticking up consistently.” 

Metro-Level Summary: Redfin Home Price Index, November 2024

13 (26%) of the 50 most populous U.S. metro areas recorded a seasonally adjusted drop in home prices in November, month over month. 

The biggest decline in November was in Fort Lauderdale, FL (-1.1%), followed by Tampa, FL (-1.1%) and San Diego (-1%). The highest month over month gains were recorded in Nassau County, NY (1.6%), Charlotte, NC (1.4%) and Minneapolis (1.3%).