Dive Brief:
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Home prices rose ever-so-slightly in November—by 0.1%—up 4.5% from a year ago, but more than 10% lower than their all-time high in June 2006.
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The average price of a U.S. home was $241,000 in November, up $1,000 from the month before, according to the Black Knight Home Price Index report for November, which was released on Monday.
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States with the greatest increases in home prices were Montana, Texas, New Mexico, Wyoming and Colorado. Those with the greatest declines were Vermont, Michigan, Rhode Island, New Hampshire and New York.
Dive Insight:
The fact that home values barely changed from one month to another is a sign that the housing market is stabilizing—a good indication that the housing recovery may be able to sustain its slow forward pace in the coming year. When home prices rise by more than about 5%, economists start to worry about a price bubble that leaves buyers unable to afford homes.