FHFA: U.S. Home Prices Increased 5% Year-Over-Year in October

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U.S. home prices increased 0.2% on an adjusted basis in October compared with September and were up 5.0% compared with October 2018, according to the Federal Housing Finance Agency’s (FHFA) home price index, which is based on home sales data furnished by Fannie Mae and Freddie Mac.

The previously reported 0.6% increase for September was revised upward to 0.7%.

Regionally, and month-over-month, home prices ranged from a decrease of 0.5% in the East North Central division to an increase of 0.7% in both the West South Central and East South Central divisions.

Year-over-year, changes for the nine census divisions ranged from 3.5% in the New England division to 6.7% in the Mountain division.

The report is in-line with the recent Case-Shiller home price index, which shows that U.S. home prices increased 0.5% on an adjusted basis in October compared with September and were up 3.3% compared with October 2018.

However, it should be noted that the Case-Shiller report uses a different methodology and relies on data from from a wider range of sources.

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