Home price growth both nationally and regionally showed signs of slowing in November, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted home price index.
The index shows that U.S. home prices increased 0.3% in November compared with October and were up 4.2% compared with November 2023.
The agency’s previously reported 0.4% price growth in October was revised upward to 0.5%.
The 12-month growth rate in November was 2.7 percentage points lower than it was as of November 2023, the fourth straight month in which the year-over-year growth rate was lower than it had been a year earlier.
“Annual house price gains continued to moderate in November, with sales prices in all nine Census divisions exhibiting slower pace of growth than a year earlier,” says Anju Vajja, deputy director for the FHFA’s division of research and statistics, in a statement. “The slowdown in price growth is likely due to higher mortgage rates contributing to cooling demand.”
Among the nine geographic divisions defined by the U.S. Census, the change in seasonally adjusted monthly home prices ranged from -0.6% in the East South Central division to 0.9% in the West North Central and New England divisions.
The 12-month changes were positive in every region, ranging from 1.8% in the West South Central division to 7.7% in the New England division.
Photo: Julien Maculan