The official results are in, and house prices continue to soar.
The Federal Housing Finance Agency’s Home Price Index released Tuesday showed prices were up 1 percent in November for the month – and a whopping 11 percent from November 2019 to November 2020.
“House prices have risen by at least one percent for six consecutive months,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division of Research and Statistics. “The acceleration has been slowing but annual gains now outpace the prior housing boom. Current conditions can be explained by fundamentals, including low rates and tight housing supply, which have been intensified by the pandemic.”
For the nine census divisions, seasonally adjusted monthly house price changes from October 2020 to November 2020 ranged from 0.3 percent in the West South Central division to 1.6 percent in the Pacific division. The 12-month changes ranged from 8.7 percent in the West South Central division to 14 percent in the Mountain division.