U.S. home prices continue to rise, increasing a seasonally
adjusted 0.6 percent in November, according to today's figures from
the Federal Housing Finance Agency (FHFA).
It's been nearly two years since monthly home prices have seen a
decline, a stretch dating back to January 2011. Home prices for the
12-monthly period ending in November were up at an annual rate of
5.6 percent, while October's monthly price increase was adjusted to
0.6 percent, up from 0.5 percent originally reported.
Figures are based on the purchase prices of homes with mortgages
sold to or guaranteed by
, which operate under FHFA supervision.
Overall, U.S. home values remain 15.2 percent below their April
2007 peak and as of November were at roughly the same level as in
Western states dominate gains
The West continues to be the nation's hottest region for housing
prices by far, while Eastern states tend to lag behind. Of the nine
U.S. Census Divisions, the Mountain and Pacific states are showing
the most rapid price gains, both on a monthly an annual basis.
States in the Mountain Division showed the greatest price gains,
with a 2.1 percent increase in November and 14.8 percent annual
gain over the previous 12 months. The Pacific region saw gains of
1.7 percent and 11.1 percent, respectively.
The Middle Atlantic states are the nation's softest housing
market, with home values showing only a 0.5 percent gain over the
previous 12 months, followed by New England with a 0.9 percent
increase. Those regions showed monthly increases in November of 0.4
percent and 0.8 percent, respectively.
Rust Belt, Old South see monthly declines
Two regions saw price declines in November, with the East North
Central and East South Central down 1.0 percent and 0.4 percent for
the month. On an annual basis, those regions saw price gains of 2.3
percent and 2.9 percent, respectively.
The South Atlantic states were the exception to the generally
slow price increases east of the Mississippi River, with an annual
gain of 7.0 percent, third highest in the nation, and monthly
increase of 0.9 percent.
The remaining two districts, West South Central and West North
Central, saw annual increases of 5.4 percent and 3.8 percent, and
November gains of 0.6 percent and 0.4 percent, respectively.
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