The Federal Housing Finance Agency’s (FHA) house price index showed an increase in prices both month-over-month and year-over-year in November 2021. Prices in November were 1.1 precent higher than in October 2021, and 17.5 percent higher than in November 2020.
“House price levels remained elevated in November, but the data indicate a pivot,” FHFA Division of Research and Statistics Supervisory Economist Will Doerner said in a release. “The last four months reflect average gains of 1 percentage point, down from the larger prior changes during the spring and summer months.
“This new trend is a welcome shift but still twice the monthly average we have seen in the last 20 years, which echoes concerns about access and affordability in housing markets.”
Seasonally adjusted monthly house price changes for the nine census divisions ranged from 0.5 percent in the West North Central division to 1.9 percent in the South Atlantic division. Changes over 12 months ranged from 13.3 percent in the West North Central division to 22.8 percent in the Mountain division.