Even though November was traditionally a slower month for the housing market, there were still significant gains in home prices compared with a year ago.

Prices rose 18.8% year over year on the S&P CoreLogic Case-Shiller National Home Price Index. However, this was slower than the October rate of 19% annually.

This was 16.8% more than the 17.2% monthly increase in October. Comparable to October’s 18.5%, the 20-city composite saw 18.3% growth.

“Despite this deceleration, it’s important to remember that November’s 18.8% gain was the sixth-highest reading in the 34 years covered by our data (the top five were the months immediately preceding November),” noted Craig Lazarra, managing director of S&P DJI.

Some markets have been posting remarkable gains. The highest percentages of year-over-year increases among all 20 cities were in Phoenix, Tampa and Miami, which saw gains of 32.2% and 29.0%, respectively.

Chicago, Minneapolis, Washington, D.C. had the lowest annual growth, though they were still around 11%.

11 of 20 cities experienced higher prices in November 2021 than October 2021.

In October and November mortgage rates held steady at between 3% and 3.25 percent on an average of the 30-year fixed. This was slightly more than what was seen in early summer but it is still historic low, and much lower than rates currently. The rates are currently about 75 basis points higher than the year before. The low rates in the past two years has given buyers greater purchasing power, which has fueled skyrocketing prices today.

Lazarra said, “We will soon see the effect of rising mortgage rates on home values.”

According to a recent Realtor.com report, 14 of 50 U.S. largest cities saw their listing prices decline in December compared with the previous year.