House prices rose nationwide in November, up 1 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices rose 11 percent from November 2019 to November 2020. The previously reported 1.5 percent price change for October 2020 remained unchanged.
For the nine census divisions, seasonally adjusted monthly house price changes from October 2020 to November 2020 ranged from +0.3 percent in the West South Central division to +1.6 percent in the Pacific division. The 12-month changes ranged from +8.7 percent in the West South Central division to +14.0 percent in the Mountain division.
“House prices have risen by at least one percent for six consecutive months,” said Dr. Lynn Fisher, FHFA’s deputy director of the Division of Research and Statistics. “The acceleration has been slowing but annual gains now outpace the prior housing boom. Current conditions can be explained by fundamentals, including low rates and tight housing supply, which have been intensified by the pandemic.”
The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. The FHFA HPI 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.