Federal Housing Finance Agency Reports October House Prices Increased 10.2% Year-Over-Year

According to the latest Federal Housing Finance Agency’s House Price Index (FHFA HPI®) house prices rose nationwide in October, up 1.5% from the September reading. Year-over-year house prices have increased 10.2% (October 2019 to October 2020). The previously reported 1.7% price change for September 2020 remains unchanged. In a statement prepared to accompany the October HPI, Dr. Lynn Fisher, FHFA’s Deputy Director of the Division of Research and Statistics said, “U.S. house prices rose for the fifth straight month since states re-opened their local economies. The 12-month gain of 10.2% in October is the highest annual appreciation observed since the 2004-2005 period. Extremely low mortgage rates and a limited supply of homes for sale continue to propel price gains. The data do not yet reflect renewals of some local and state COVID-19 restrictions.”