U.S. home prices rose 0.4 percent from October to November and 5.8 percent year-over-year, according to the latest data from the Federal Housing Finance Agency’s (FHFA) home price index (HPI).
Regionally, for the nine census divisions the HPI tracks, the Pacific – Hawaii, Alaska, Washington, Oregon and California – saw the biggest drop in adjusted price change, falling 0.8 percent month-over-month. The South Atlantic – Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida – saw the biggest adjusted price change increase of 1 percent.
Prices also fell in the West North Central and East North Central census districts. They additionally rose in the Mountain, West South Central, East South Central, Middle Atlantic and New England census districts.
The HPI, according to the FHFA, is, “a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.”