The Federal Housing Finance Agency (FHFA) released on Tuesday (11-28-23) its House Price Index (HPI®) for September. According to the HPI, US home prices increased 5.5% between 2022Q3 and 2023Q3. House prices were up 2.1% when compared to 2023Q2. FHFA’s seasonally adjusted monthly index for September was up 0.6% from August.
According to the FHFA report, all nine census divisions had positive price changes year-over-year. The New England division recorded the strongest appreciation, posting a 9.2% increase from 2022Q3. The Pacific division posted the smallest four-quarter appreciation at 2.0%.
In remarks prepared for the release of the report, Dr. Anju Vajja, Principal Associate Director in FHFA’s Division of Research and Statistics, said:
“US house price growth continued to accelerate in the third quarter, appreciating more than in each of the previous four quarters. House prices rose in the third quarter in all census divisions and are higher than one year ago, driven primarily by a low supply of homes for sale.”
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