House prices rose nationwide in November, up 1.1% from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI). House prices rose 17.5% from November 2020 to November 2021. The previously reported 1.1% price change for October 2021 remained unchanged.
For the nine census divisions, seasonally adjusted monthly house price changes from October 2021 to November 2021 ranged from +0.5% in the West North Central division to +1.9% in the South Atlantic division. The 12-month changes ranged from +13.3% in the West North Central division to +22.8% in the Mountain division.
“House price levels remained elevated in November, but the data indicate a pivot,” says Will Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics. “The last four months reflect average gains of 1 percentage point, down from the larger prior changes during the spring and summer months. This new trend is a welcome shift but still twice the monthly average we have seen in the last 20 years, which echoes concerns about access and affordability in housing markets.”
FHFA will release its next HPI report on February 22, 2022, with monthly data through December 2021 and quarterly data through the fourth quarter of 2021.
