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Economy in Brief

U.S. FHFA House Prices Post Big Gains Again in November
by Tom Moeller  January 25, 2022

• Monthly increases have been strong & steady for four months.

• Regional house price increases vary.

• Prices surge in South Atlantic & East North Central regions.

The Federal Housing Finance Agency (FHFA) House Price Index increased 1.1% (17.5% y/y) in November, repeating the unrevised October gain. The home price series dates back to January 1991.

Year-to-year price gains were strongest in the Mountain region (22.8% y/y), South Atlantic states (20.4% y/y), East South Central (19.8% y/y), Pacific (18.9% y/y) and the West South Central (18.1% y/y) regions.

Annual house price gains were less strong, but still double-digit in New England (15.4% y/y), the Middle Atlantic (14.0% y/y), East North Central (13.9% y/y) and West North Central (13.3% y/y) regions of the country.

The FHFA house price index is a weighted purchase-only index that measures average price changes in repeat sales of the same property. An associated quarterly index includes refinancings on the same kinds of properties. The indexes are based on transactions involving conforming conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single-family properties are included.

The FHFA data are available in Haver's USECON database.

FHFA U.S. House Price Index,
Purchase Only (SA %)
Nov Oct Sep Nov Y/Y 2020 2019 2018
Total 1.1 1.1 0.9 17.5 7.9 5.2 6.3
  New England 0.8 -0.0 1.5 15.4 8.2 4.7 5.1
  Middle Atlantic 0.7 1.1 0.7 14.0 7.4 4.4 5.1
  East North Central 0.9 0.7 1.0 13.9 7.8 5.3 6.2
  West North Central 0.5 0.7 0.7 13.3 7.2 5.0 5.7
  South Atlantic 1.9 1.4 0.7 20.4 8.2 5.5 6.7
  East South Central 1.7 1.7 0.9 19.8 8.2 5.8 5.9
  West South Central 1.2 0.7 1.8 18.1 6.4 4.5 5.0
  Mountain 1.0 1.2 0.5 22.8 10.0 7.0 8.9
  Pacific 0.7 1.7 0.4 18.9 8.1 4.6 7.1
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