FHFA: Home Price Appreciation Almost Flat In November

Posted by Patrick Barnard on January 23, 2014 No Comments
Categories : Residential Mortgage

More evidence that home price appreciation is stabilizing: U.S. home prices increased only 0.1% in November, on an adjusted basis, compared to October, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index (HPI).

This compares to a 0.5% month-over-month increase in October.

On a year-over-year basis, home prices have increased about 7.6%, compared to November 2012.

Still, prices are down 8.9% compared to the April 2007 peak.

As of November, prices had reached about the same level as recorded in April 2005, according to the report.

The report shows that home price appreciation varies from area to area. For the nine census divisions tracked in the report, the East South Central division saw home prices dip 1.4%, month-over-month, on an adjusted basis. Meanwhile, the Mountain, West North Central and East North Central divisions saw prices increase 0.5%, on average.

Looking at home price appreciation on a year-over-year basis shows an even larger disparity: For example, the Middle Atlantic division saw home prices increase about 3.2%, on average, in the past year, while the Pacific division saw prices increase 15.4%.

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