Washington, D.C. – U.S. house prices rose 0.4 percent in October, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly House Price Index (HPI®). House prices rose 4.5 percent from October 2023 to October 2024. The previously reported 0.7 percent price growth in September remained unchanged.
Among nine geographic divisions defined by the U.S. Census, the change in seasonally adjusted monthly home prices between September and October 2024 ranged from -0.4 percent in the Pacific division to 1.0 percent in the West South Central division. The 12-month changes were positive in every division, ranging from 2.3 percent in the Pacific division to 7.0 percent in the Middle Atlantic division. Still, growth in U.S. home prices has shown signs of slowing; the 12-month price change was 2 percentage points lower than it was between October 2022 and October 2023.
“Annual house price gains have been trending down since February, stabilizing around 4.5 percent during the last three months,” said Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics. “Even with elevated house prices and mortgage rates putting continued pressure on affordability, house prices continued to grow at a steady rate, likely due to a historically low inventory of homes for sale.”
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 on both a quarterly and monthly basis. 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 on January 28, 2025, and will include monthly data through November 2024.
Attachments: FHFA HPI Monthly - December 2024
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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