House Price Index Rose 17.5 Percent from Last Year, FHFA Reports

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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.

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