Home prices maintain upward trajectory

Main Image: 

shutterstock_88907629.jpg [2]

Home prices in the U.S. rose 0.6% from October to November, according to the Federal Housing Finance Agency’s latest house price index. This compares to the index's 0.5% increase in October [3].

An even sharper increase in home prices occurred for the 12-month period ending in November, with prices rising 5.6%, the highest level since the bubble days of 2006.

For the nine census divisions, seasonally adjusted monthly price changes from October to November, ranged from a 1% drop in the East North Central division to a 2.1% increase in the Mountain division.

The index peaked at 15.2% in April 2007. U.S. home prices have not declined on a monthly basis since January 2011.

The monthly house price index uses the purchase price of houses with mortgages owned or guaranteed by Fannie Mae or Freddie Mac.

"Today's report is a reminder that a rise in home prices is widely expected to be a highlight of the 2013 economy," noted Econoday. "Next data on home prices will be in Friday's new home sales report where year-on-year readings, though volatile, have been especially strong, in the mid-teens."

Click on the graph to view the FHFA history of HPI.

[4]

mhopkins@housingwire.com [5]