Federal Housing Finance Agency’s House Price Index Increased at an Annual Rate of 8.4% in 2022Q4

The Federal Housing Finance Agency (FHFA) reported today (2-28-23) its House Price Index (FHFA HPI®) for December, as well as all of 2022Q4.

According to the FHFA HPI, seasonally adjusted home prices in December were down 0.1% from November. On a quarter-over-quarter basis, home prices increased 0.3% in 2022Q4. On a year-over-year basis, home prices increased 8.4% in 2022Q4.

In remarks prepared for the release of the HPI report, Nataliya Polkovnichenko, Supervisory Economist in FHFA’s Division of Research and Statistics, said:

“Seasonally adjusted monthly index for December was down 0.1% from November. House price appreciation continued to wane in the fourth quarter. House prices grew at a much slower pace in recent quarters amid higher mortgage rates and a decline in mortgage applications. These negative pressures were partially offset by historically low inventory.”

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