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The FHFA house price index beat expectations rising 0.5 per cent month-over-month in October.But September’s number was revised down to 0.0 per cent.
The index is 15.7 per cent below its April 2007 peak.
From the press release:
“For the nine census divisions, seasonally adjusted monthly price changes from September to October ranged from -1.3 per cent in the Middle Atlantic division to +2.0 per cent in the Pacific division while the 12-month changes ranged from -0.1 per cent in the New England division to +13.1 per cent in the Mountain division.”
Here is a chart showing the trajectory of home prices from January 1991 on:
The FHFA house price index for October is out at 10 a.m. ET. Economists polled by Bloomberg are looking for 0.3 per cent month-over-month rise in home prices.
Home prices rose 0.2 per cent in September.
Despite talk that housing has turned the corner, some analysts have said that home prices should be negative for the rest of the year.
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac.
We will have the release LIVE at 10 a.m. ET. Click here for updates >