According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), released today (3-29-22), U.S. house prices increased month-over-month 1.6% in January. House prices increased 18.2% from January 2021 to January 2022. The previously reported 1.2 percent price change for December 2021 was revised upward to a 1.3 percent price change.
For the nine census divisions, seasonally adjusted monthly house price changes from December 2021 to January 2022 ranged from 0.1% in the New England division to 2.2% in the South Atlantic division. The 12-month changes ranged from 13.3% in the Middle Atlantic division to 23.1% in the Mountain division.
In remarks prepared for the release of the November HPI, Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics said, “House price trends notched up slightly in January. Rising mortgage rates in January certainly reflect a major change from the past several years, but lending costs remain relatively low. The mortgage rate shift has not dampened upward price pressure from intense borrower demand and limited supply.”
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FHFA House Price Index Up 1.6 Percent in January; Up 18.2 Percent From Last Year