The Federal Housing Finance Agency said its House Price Index (HPI) racked up a 0.4 percent gain in November and the 0.5 percent appreciation rate reported in October was revised up to 0.6 percent. On a year-over-year basis the HPI was grew 6.5 percent, a slight downturn from the 6.6 percent annual gain the previous month.
For the nine census divisions, seasonally adjusted monthly price changes from October 2017 to November 2017 ranged from a 1.1 percent decline in the East South-Central division (Kentucky, Tennessee, Mississippi, and Alabama), which had posted a 2.5 percent increase in October, to a 0.9 percent gain in the West North Central division (Michigan, Wisconsin, Illinois, Indiana, and Ohio. The HPI for the New England division also lost ground, declining 0.1 percent, and prices were unchanged in the Middle Atlantic Division, (New York, New Jersey, and Pennsylvania.)
The 12-month changes were all positive, but the Middle Atlantic saw the smallest increase at 4.2 percent. The largest gains were in the Mountain division. in the Middle Atlantic division to 8.9 percent in the Mountain division.
The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. The seasonally adjusted, purchase only HPI is indexed to 100=January 1991 and was at 256.0 in November.