Home prices increased in October, but at a slightly slower pace than September, according to the Federal Housing Finance Agency’s monthly House Price Index.
Home prices rose by a seasonally adjusted 0.4% in October, still going up but at a slower rate that the 0.6% increase in September, according to the report. Annually, home prices increased by 6.2%.
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The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.
For the nine census divisions, the East South Central division saw the least increase in home prices and in fact even saw a decrease of 0.6% from September. The Mountain division, however, increased the most month-over-month at 1.2%.
Annually, the Middle Atlantic division saw the lowest increase at 3.6%, while the Mountain division again led the way with an annual increase of 8.3%.
A report from the National Association of Realtors indicated the median existing-home price increased in October to $232,200, up 6% from last year’s $219,100.