Prices in November were 4.4% higher than a year earlier, compared with a 4.6% increase in October.
The building society said prices rose by 0.1% from the month before, with the average cost of a home now Â£204,947.
Nationwide said there were signs that demand for houses had picked up in the past few months.
"There are some signs that, despite the uncertain economic outlook, demand conditions have strengthened a little in recent months, reflecting the impact of solid labour market conditions and historically low borrowing costs," said Robert Gardner, Nationwide's chief economist.
"Mortgage approvals increased in October, and surveyors report that new buyer enquiries have increased modestly.
"The relatively low number of homes on the market and modest rates of housing construction are likely to keep the demand/supply balance fairly tight in the quarters ahead, even if economic conditions weaken, as most forecasters expect."
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Annual house price growth has slowed to its lowest rate since January, according to the UK's second largest mortgage lender, the Nationwide.