FHFA: House Prices Continued to Rise in November
House prices rose in November for the 10th straight month, according to a house price index based on Fannie Mae and Freddie Mac purchase mortgage transactions.
The seasonally adjusted HPI published by Federal Housing Finance Agency Wednesday morning shows that prices rose 0.6% nationwide in November after a similar increase in October.
The FHFA HPI is up 5.6% from November 2011.
The FHFA divides the U.S. into nine regions Just two regions post month-over-month declines—the East North Central region (Michigan, Wisconsin, Texas, Indiana and Ohio) off 1% and the East South Central region (Kentucky, Tennessee, Mississippi and Alabama) off 0.4%.
On a year-over-year basis, house prices rose in all regions including the mid-Atlantic region, which is up a meager 0.5%.
The Mountain and Pacific regions posted annual increases of 14.8% and 11%, respectively.
Overall, the HPI is “15.2% below its April 2007 peak and is roughly the same as the August 2004 index level,” the FHFA said.
On Wednesday, the National Association of Realtors reported that the sale of higher-priced homes rose during the 2012, compared to 2011.
Sales of homes in the $250,000 to $500,000 range rose 18.3% in 2012 from the prior year and comprised 24.5% of all sales.
Sales in the $100,000 and below range fell nearly 17% and comprised 21% of 2012 sales.