FHFA House Price Index Increases Month-Over-Month and Year-Over-Year in November

On Tuesday, the Federal Housing Finance Agency (FHFA) released its House Price Index (FHFA HPI®) for November 2023. According to the HPI, US home prices increased 6.6% year-over-year. The previously reported 0.3% gain in October remained unchanged. FHFA’s seasonally adjusted monthly index for November was up 0.3% from October.

For the nine census divisions, seasonally adjusted monthly price changes from October to November ranged from a 0.2% decline in the New England division to a 0.7% increase in the Mountain division. The 12-month changes ranged from a 3.1% increase in the West South-Central division to a 9.8% rise in the New England division.

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

“US house prices continued to appreciate in November, with year-over-year growth slightly above the historical average. All nine census divisions experienced positive price appreciation over the last 12 months, with five census divisions exhibiting deceleration compared to the price appreciation observed last year.”