FHFA Home Price Index Up Less Than Expected in September
The Federal Housing Finance Agency (FHFA) reported Wednesday morning that U.S. home prices rose 0.6% sequentially in September. Home prices rose 0.7% sequentially in August. Compared with the third quarter of 2015, the inflation-adjusted home price has gained 6.1%.
The FHFA monthly index is calculated using purchase prices of houses with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
The consensus estimate for September called for a month-over-month increase of 0.7%.
Over the past 12 months, gains have been greatest in the Pacific states, up 8.1%, and least in the New England states, where prices are up 2.9%. The year-over-year index rose in all nine Census Bureau divisions in September.
Home prices posted month-over-month gains in eight of nine Census Bureau divisions. Prices were down 0.2% in the New England division and up 0.2% in the East North Central and East South Central divisions. Home prices gained 0.4% in the West North Central and Middle Atlantic divisions, 0.5% in the South Atlantic division, 0.7% in the Mountain division, 0.9% in the West South Central and 1.3% in the Pacific divisions.
Across the U.S. home prices rose 6.2% year over year from September 2014 to September 2015.