U.S. house prices rose in November, up 0.3 percent from October, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI®). House prices rose 6.6 percent from November 2022 to November 2023. The previously reported 0.3 percent price increase in October remained unchanged.
For the nine census divisions, seasonally adjusted monthly price changes from October 2023 to November 2023 ranged from -0.2 percent in the New England division to +0.7 percent in the Mountain division. The 12-month changes ranged from +3.1 percent in the West South Central division to +9.8 percent in the New England division.
“U.S. house prices continued to appreciate in November, with year-over-year growth slightly above the historical average.” said Dr. Nataliya Polkovnichenko, Supervisory Economist in FHFA’s Division of Research and Statistics. “All nine census divisions experienced positive price appreciation over the last 12 months, with five census divisions exhibiting deceleration compared to the price appreciation observed last year.”
The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price changes at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.
FHFA releases HPI data and reports quarterly and monthly. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data, including refinances, Federal Housing Administration mortgages, and real property records. All the indexes, including their historic values, and information about future HPI release dates, are available on FHFA’s website: https://www.fhfa.gov/HPI.
FHFA will release its next HPI report on February 27, 2024, including monthly data through December and the fourth quarter of 2023.