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FHFA House Price Index Down 0.1 Percent in November; Up 8.2 Percent from Last Year


​​​​​​​​​​​Washington, D.C. – House prices fell 0.1 percent nationwide in November compared to October, according to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®). House prices rose 8.2 percent from November 2021 to November 2022. The previously reported 0.0 percent price decline in October 2022 remained unchanged.

For the nine census divisions, seasonally adjusted monthly house price changes from October to November 2022 ranged from -1.1 percent in the Pacific division to +0.5 percent in the West North Central division. The 12-month changes were all positive, ranging from +2.4 percent in the Pacific division to +12.0 percent in the South Atlantic division.

“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022,” said Nataliya Polkovnichenko, Ph.D., Supervisory Economist, in FHFA’s Division of Research and Statistics. “While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”

The FHFA HPI is a comprehensive collection of public, freely available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price fluctuations 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, Federal Housing Administration mortgages, 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://w​ww.fhfa.gov/HPI.

FHFA will release its next HPI report on February 28, 2023, including data through the fourth quarter of 2022 and monthly data through December.



​​The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.1 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube, Facebook, and LinkedIn.
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