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November Was Hot for Housing Prices

The housing market continued to grow, with house prices leading the way through most of 2017. According to the latest Housing Price Index data released by the Federal Housing Finance Agency (FHFA), home prices across the U.S. rose 0.4 percent in November 2017. The previously reported 0.5 percent increase in October was revised upward to 0.6 percent, the report said.

The monthly data is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. The report indicated that house prices increased slightly to 6.5 percent between November 2016 to November 2017 compared to the same period in the previous year that recorded an increase of 6.4 percent.

In terms of 12-month changes for regions, the Mountain region, consisting of states like Montana, Idaho, Wyoming, Nevada, Utah, Arizona, and New Mexico recorded the maximum price change registering a growth of 8.9 percent compared to 7.2 percent in the previous year.

Hawaii, Alaska, Washington, Oregon, and California that make up the Pacific coast states also registered  growth along similar lines with home prices rising 8.6 percent, compared to 7.7 percent in the previous year.

The Middle Atlantic region consisting of New York, New Jersey, and Pennsylvania registered the least growth of all regions at 4.2 percent showing a downward trend from its growth of 5.4 percent in the year-ago period.

The  seasonally adjusted monthly price changes from October 2017 to November 2017 ranged from -1.1 percent in the East South Central region to +0.9 percent in the West North Central region according to the report.

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