From the WSJ:
U.S. home-price growth decelerated in November as months of fast-rising prices pushed some buyers out of the market.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 18.8% in the year that ended in November, down from a 19% annual rate the prior month.
Home sales rose to a 15-year high in 2021. Low interest rates spurred robust demand, and remote work enabled some workers to move farther from their offices and seek out more space to work from home. But intense competition for a limited number of homes on the market pushed home prices to record highs.
The median existing-home price in 2021 rose to a record $346,900, up 16.9% from 2020, the National Association of Realtors said earlier this month.
Rising home prices have pushed some buyers out of the market. About 52% of prospective buyers were actively house hunting in the fourth quarter, down from 61% in the second quarter, according to a National Association of Home Builders survey.
The Case-Shiller 10-city index gained 16.8% over the year ended in November, compared with an 17.2% increase in October. The 20-city index rose 18.3%, after an annual gain of 18.5% in October. Price growth accelerated in 11 of the 20 cities.