The rate of home price increases accelerated again in
October
from their already heightened pace. The Federal Housing Finance Agency (FHFA)
said its House Price Index (HPI) rose 1.5 percent compared to September. This
was down slightly from a 1.7 percent increase from August to September, however
the annual increase jumped more than a point, from 9.1 percent in September to
10.2 percent. “U.S. house prices rose for the fifth straight month since states re-opened
their local economies,” said Dr. Lynn Fisher, FHFA’s Deputy Director of
the Division of Research and Statistics. “The 12-month gain of 10.2 percent in
October is the highest annual appreciation observed since the 2004-2005 period.
Extremely low mortgage rates and a limited supply of homes for sale continue to
propel price gains.
The data do not yet reflect renewals of some local and
state COVID-19 restrictions.”

 

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