The Federal Housing Finance Agency (FHFA) House Price Index (HPI) determined house prices increased nationwide in October, reflecting a rise of 1.1 percent from September.
“House price levels continue to rise, but the rapid pace is curtailing through October,” Will Doerner, supervisory economist in FHFA’s Division of Research and Statistics, said. “The large market appreciations seen this spring peaked in July and have been cooling this fall with annual trends slowing over the last four consecutive months.”
According to the HPI, house prices increased 17.4 percent from October 2020 to October 2021, while the previously reported 0.9 percent price change for September 2021 remained unchanged.
With regard to the nine census divisions, the analysis showed seasonally adjusted monthly house price changes from September 2021 to October 2021 ranged from -0.3 percent in the New England division to +1.7 percent in the East South Central division, officials indicated.
Additionally, 12-month changes ranged from +13.2 percent in the West North Central division to +23.2 percent in the Mountain division, per the HPI.
The HPI’s scope, per officials, stems from tens of millions of home sales and offers insights concerning house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels.