UPDATE: The FHFA U.S. House Price Index reading for the month of November is out.
The index rose 0.6 per cent in November, slightly below expectations of a 0.7 per cent gain.
October growth in prices was revised up to 0.6 per cent from 0.5 per cent previously.
Below is the full text from the release:
Washington, DC – U.S. house prices rose 0.6 per cent on a seasonally adjusted basis from October to November, according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). The previously reported 0.5 per cent increase in October was revised upward to a 0.6 per cent increase. For the 12 months ending in November, U.S. prices rose 5.6 per cent. The U.S. index is 15.2 per cent below its April 2007 peak and is roughly the same as the August 2004 index level. National home prices have not declined on a monthly basis since January 2011.
For the nine census divisions, seasonally adjusted monthly price changes from October to November ranged from -1.0 per cent in the East North Central division to +2.1 per cent in the Mountain division, while the 12-month changes ranged from +0.5 per cent in the Middle Atlantic division to +14.8 per cent in the Mountain division.
FHFA uses the purchase prices of houses with mortgages owned or guaranteed by Fannie Mae or Freddie Mac to calculate the monthly index. Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Click here for complete historical data.
For detailed information on the monthly HPI, please see the HPI Frequently Asked Questions (FAQ). The next HPI release will be on Feb. 26, 2013 and will include monthly data for December and quarterly data for the fourth quarter of 2012. Release dates for 2013 are available here.
Important Note: Beginning with this news release, the HPI will be published at 9 A.M. EST.
The table below breaks down the gains by region (click to enlarge):
ORIGINAL: Minutes away from the lone economic data release of the day in the United States – the FHFA U.S. House Price Index, due out at 9 AM ET.
Economists estimate that the index rose 0.7 per cent in November after rising 0.5 per cent the month before.
We will have the release at 9 AM ET. Click here to refresh for LIVE updates >