Home Prices Climb In Line With Expectations

The FHFA home price index climbed 0.5% month over month in October, right in line with economist expectations.

That’s up from the September print, originally 0.3% but revised down to 0.2% today.

Here’s the full release:

Washington, D.C. — U.S. house price appreciation continued in October 2013, with prices rising 0.5 per cent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). The October HPI change marks the 20-first consecutive monthly price increase in the purchase-only, seasonally adjusted index. The previously reported 0.3 per cent increase in September was revised downward to a 0.2 per cent increase.

The HPI is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac. From October 2012 to October 2013, house prices were up 8.2 per cent. The U.S. index is 8.8 per cent below its April 2007 peak and is roughly the same as the April 2005 index level.

For the nine census divisions, seasonally adjusted monthly price changes from September to October ranged from -1.0 per cent in the East South Central division to +1.2 per cent in the Mountain division, while the 12-month changes ranged from +4.7 per cent in the East South Central division to +17.5 per cent in the Pacific division.

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