Washington, D.C. – U.S. house prices rose 0.3 percent in November, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI®). House prices rose 4.2 percent from November 2023 to November 2024. The previously reported 0.4 percent price growth in October was revised upward to 0.5 percent.
However, in a repeat of previous HPI updates, price growth both nationally and regionally showed signs of slowing. The 12-month growth rate in November was 2.7 percentage points lower than it was as of November 2023, the fourth straight month in which the year-over-year growth rate was lower than it had been a year earlier.
“Annual house price gains continued to moderate in November, with sales prices in all nine Census divisions exhibiting slower pace of growth than a year earlier,” said Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics. “The slowdown in price growth is likely due to higher mortgage rates contributing to cooling demand.”
Among the nine geographic divisions defined by the U.S. Census, the change in seasonally adjusted monthly home prices ranged from -0.6 percent in the East South Central division to 0.9 percent in the West North Central and New England divisions. The 12-month changes were positive in every region, ranging from 1.8 percent in the West South Central division to 7.7 percent in the New England division. The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities dating back to the mid-1970s. It incorporates tens of millions of home sales and offers insights about house price changes at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.
FHFA releases HPI data and reports quarterly and monthly. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data, including refinances, mortgages insured by the Federal Housing Administration, and real property records. All the indexes (including their historic values) and information about future HPI release dates are available on FHFA’s website: https://www.fhfa.gov/HPI.
The next HPI report will be released February 25, 2025, and will include monthly data through December and quarterly data through the fourth quarter of 2024.
Attachments: FHFA HPI Monthly - January 2025
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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.5 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on X @FHFA, YouTube, Facebook, and LinkedIn.
Contacts: MediaInquiries@FHFA.gov