U.S. house prices rose 0.4% in October, according to the Federal Housing Finance Agency’s seasonally adjusted monthly House Price Index. House prices rose 4.5% from October 2023 to October 2024. The previously reported 0.7% price growth in September remained unchanged.
Among nine geographic divisions defined by the U.S. Census, the change in seasonally adjusted monthly home prices between September and October 2024 ranged from -0.4% in the Pacific division to 1% in the West South Central division. The 12-month changes were positive in every division, ranging from 2.3% in the Pacific division to 7.0% in the Middle Atlantic division. Still, growth in U.S. home prices has shown signs of slowing, according to the index. The 12-month price change was two percentage points lower than it was between October 2022 and October 2023.
The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
