Washington, D.C. – U.S. home prices fell 1.8 percent on a seasonally-adjusted basis from October to November, more than the 1.1 percent decline in the prior month, according to the Federal Housing Finance Agency’s monthly House Price Index. For the 12 months ending in November, U.S. prices fell 8.7 percent. The decline since the April 2007 peak is 10.5 percent.
The FHFA monthly index (formerly called the OFHEO monthly house price index), is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally adjusted monthly price changes from October to November ranged from -2.7 percent in the West North Central Division to -0.7 percent in the New England Division.
Monthly index values and appreciation rate estimates are provided in the table and graph on the following pages. As with the FHFA’s quarterly HPI, the estimates will be revised as new data become available. Quarterly HPI reports include updated monthly data presented in the same format as the attached table.
For detailed information concerning the monthly HPI, please see the HPI Frequently Asked Questions (FAQs). The next release of index data will be on Feb. 24, 2009 and will include data for the fourth quarter of 2008 as well as for the month of December 2008.
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030