Statistics show that US home prices rose in October compared to the same month last year. Federal Housing Finance Agency (FHFA) House Price Index. However, data shows a slowdown compared to the previous month. In fact, home prices rose 6.3% from October 2022 to October 2023, and 5.5% in September compared to the same month last year, according to the FHFA HPI released Tuesday.
“The past 12 months have seen continued strong growth,” Natalya Porkovnichenko, supervising economist in FHFA’s Office of Research and Statistics, said in a statement.
“On a monthly basis, price growth slowed down in October, with four sectors showing a slowdown from the previous month,” Polkovnichenko said.
FHFA’s seasonally adjusted monthly index increased 0.3% in October compared to 0.7% in September (revised from 0.6% previously disclosed).
Where are home prices rising?
Of the nine census regions, the Mid-Atlantic region had the largest increase in October with a 9.9% year-over-year increase, followed by New England (9.7% increase) and the Northeast-Central region (9.1%), according to FHFA data. (increase) followed.
Meanwhile, house prices in the mountain sector rose by 2.6% in October 2023 compared to the same period in 2022, the lowest rate of increase in the index. This was followed by the Pacific region (2.8%) and the Southwest Central region (3.6%).
Seasonally adjusted monthly price changes ranged from a 0.3% decline. 1.1% increase in New England division Located in the Mid-Atlantic region.
The FHFA Home Price Index measures changes in the value of single-family homes in all 50 U.S. states and more than 400 cities, providing insight into changes in home prices. The flagship FHFA HPI uses seasonally adjusted purchases-only data. fannie mae and freddie mac.
Another measure, the S&P CoreLogic Case-Shiller Home Price Index, also released Tuesday, showed home prices in all nine U.S. Census divisions rose at an annual rate of 4.8% in October, up from a 4% increase the previous month. Rose.