House prices fell 0.1 percent nationwide in November compared to October, according to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI).
House prices rose 8.2 percent from November 2021 to November 2022, the FHFA adds.
For the nine census divisions, seasonally adjusted monthly house price changes from October to November ranged from -1.1 percent in the Pacific division to +0.5 percent in the West North Central division.
The 12-month changes were all positive, ranging from +2.4 percent in the Pacific division to +12.0 percent in the South Atlantic division.
“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022,” says Nataliya Polkovnichenko, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics.
“While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices,” she adds.
More details from the HPI are available here.
Photo by todd kent on Unsplash
