Growth in U.S. home prices cooled off a tiny bit in November

The growth in U.S. homes prices slowed slightly in November.

A measure of home prices in 20 U.S. cities jumped 18.3%, down from 18.5% in October, the S&P CoreLogic Case-Shiller index showed Tuesday. It marked the fourth straight month that home-price appreciation has cooled off ever so slightly.

Phoenix, Tampa and Miami posted the highest gains among the cities tracked by the index.

Almost two years into the pandemic, the demand for homes hasn’t let up. With inventory at record lows, bidding wars are still common across the country, shutting out buyers who are stretching their budgets. More sellers are expected to list their properties, and mortgage rates are rising, which may help keep price gains in check.

"The sky-high growth in the S&P CoreLogic Case-Shiller National Home Price Index is gliding down to earth, but insufficient for-sale inventory is like a parachute slowing the descent," Zillow economist Kwame Donaldson said in an emailed statement. "The latest reports indicate that house price appreciation revved up in December, which should encourage more supply in the short run. But rising mortgage rates, reduced fiscal support from the federal government, and leveling job growth will ease home sales growth and appreciation by the end of this year."

The S&P CoreLogic Case-Shiller index of national property values climbed 18.8%, down from 19% the previous month.