FHFA Reports US Home Prices Declined 0.1% in November but Were Up 8.2% Year-Over-Year

According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (1-31-23), US home prices declined 0.1% in November when compared to October. Year-over-year, home prices rose 8.2%. The previously reported 0.0% price decline in October 2022 remained unchanged.

According to the HPI, for the nine census divisions, price changes from October to November ranged from a 1.1% decline in the Pacific Division to a 0.5% increase in the West North Central division. The 12-month changes were all positive, ranging from a 2.4% gain in the Pacific division to a 12.0% increase in the South Atlantic division.

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

“US house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”