FHFA Reports US House Prices Increased 12.4% Year-Over-Year in Q3

According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), released today (11-29-22), US home prices rose 12.4% from 2021Q3 to 2022Q3. House prices were up 0.1% when compared to 2022Q2.

The FHFA’s seasonally adjusted monthly index for September was up 0.1% from August.

According to the HPI for the nine census divisions, the South Atlantic division recorded the strongest four-quarter appreciation, posting a 17.0% gain between 2021Q3 and 2022Q3. Annual house price appreciation was the weakest in the Pacific division, where prices rose by 8.3% from a year earlier.

In remarks prepared for the release of the HPI report, Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics, said:

“House prices were flat for the third quarter but continued to remain above levels from a year ago. The rate of US house price growth has substantially decelerated. This deceleration is widespread with about one-third of all states and metropolitan statistical areas registering annual growth below 10 percent.”

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