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1/25, 3:02 PM (Source: TeleTrader)
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US house price index up 1.1% in November

The seasonally adjusted monthly index for house prices in the United States rose 1.1% in November compared to the previous month, the Federal Housing Finance Agency (FHFA) said on Tuesday.

On a yearly basis, house prices soared 17.5%. Among the nine census divisions, monthly house price increases were the highest in the South Atlantic division, reaching 1.9%. Meanwhile, the Mountain division recorded the biggest, 22.8% annual hike in prices.

"House price levels remained elevated in November, but the data indicate a pivot," said Will Doerner, a supervisory economist in FHFA's Division of Research and Statistics. "The last four months reflect average gains of 1.0 percentage point, down from the larger prior changes during the spring and summer months. This new trend is a welcome shift but still twice the monthly average we have seen in the last 20 years, which echoes concerns about access and affordability in housing markets," he added.

Baha Breaking the News (BBN) / BU