The Federal Housing Finance Agency (FHFA) reported Tuesday morning that U.S. home prices rose 0.5% month over month in October. Compared with October 2014, the house price index has gained 6.1%. The 0.8% index increase previously reported for September was revised down to 0.6%.
The FHFA monthly index is calculated using purchase prices of houses with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
The consensus estimate for October called for an increase of 0.4%.
Over the past 12 months, gains have been greatest in the Mountain states, up 8.9%, and the least in the New England states, which are up 2.9%. The year-over-year index rose in all nine Census Bureau divisions in October.
Home prices posted month-over-month gains in seven Census Bureau divisions and declines in two: Middle Atlantic (down 0.1%) and New England (down 0.5%). The East South Central region posted the largest month-over-month price gain, up 1.2%, followed by the South Atlantic region (up 0.9%), the Mountain region (up 0.7%), the West North Central and East North Central regions (both up 0.5%), the West South Central region (up 0.4%) and the Pacific region (up 0.1%).
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
