The Trends Persist. November Home Appreciation Contracts, while Rent Growth Persists

Persistently high demand amid tight supply led home prices to grow in November by 17.3% year-over-year (YoY), according to the Amherst Home Price Appreciation (HPA) index. Although the HPA has been declining since its all-time peak of 20.3% in June 2021, the rate of decline has been evening out over the past two months, with November only 60 bps lower than October. Single-family rent growth continued to inch upward in November. Strong consumer demand for a relatively stagnant supply of single-family rentals led November rents to grow YoY by 10.0%, according to the Amherst Rent Growth index.