House prices dipped in November

The Federal Housing Finance Agency yesterday reported the house prices fell 0.1 percent nationwide in November compared to October, according to the latest FHFA House Price Index. 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.”