US House Prices on the Rise

According to the latest data released by the Federal Housing Finance Agency (FHFA), the United States has witnessed a 0.4% increase in house prices in October on a seasonally adjusted monthly index basis. This marks a significant 4.5% rise compared to the same period last year.

Regional Variations Highlighted

Among the nine census divisions, the Middle Atlantic division experienced the highest year-over-year price change, with an impressive surge of 7.0%. In contrast, the Pacific division saw a slight decrease of 0.4% in house prices.

Expert Insight

Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, noted, "Annual house price gains have been on a downward trend since February, stabilizing around 4.5 percent over the last three months." She further explained, "Despite the challenges posed by elevated house prices and mortgage rates on affordability, the steady growth in house prices can likely be attributed to the historically low inventory of homes for sale."