The Federal Housing Finance Agency House Price Index (HPI) recently reported that house prices increased 6.1 percent in Q3 from the year prior.
"Our data indicate that the deceleration in home price growth that we observed in late spring proved to be short-lived," said FHFA Supervisory Economist Andrew Leventis. "While price growth in select markets has cooled somewhat, for the U.S. as a whole, the third quarter showed no evidence of a widespread slowdown."
Specifically, the report indicates that house prices increased in 49 states from the year before with Delaware and the District of Columbia as the only areas not to see an increase.
The top five states for annual appreciation according to FHFA include:
“Among the 100 most populated metropolitan areas in the U.S., annual price increases were greatest in the Tacoma-Lakewood, WA (MSAD), where prices increased by 12.9 percent,” said the report. “Prices were weakest in New Haven-Milford, CT, where they fell 1.7 percent.”
Will home prices continue to rise in the latest FHFA House Price Index set to come out on Thursday, December 22?
HUD/Census Bureau New Residential Sales for November 2016, Friday, December 23
New residential home sales were up by 18 percent over-the-year in October, selling at an annual pace of 563,000—accounting for approximately 11 percent of all residential home sales during the month, according to the joint report from HUD and the Census Bureau.
The industry will find out how new home sales performed in November 2016 when HUD and Census Bureau release their latest data on Friday, December 23.
Ralph McLaughlin, Trulia’s chief economist, said that beyond the month-over-month totals of the October HUD/Census report, a less volatile number to look at is the 12-month rolling total, which is up 13 percent, year-over-year, and represents the best one-year span since August 2008.
“The 12-month rolling total of new homes sales was the best in over eight years and boosts sales to 85 percent of the 50-year norm,” McLaughlin said. “New homes are helping satisfy homebuyers constrained by low resale inventory, but sales have room to grow.”
This Week’s Schedule
Wednesday, December 21
National Association of Realtors, Existing-Home Sales for November 2016, 10 a.m. EST
Thursday, December 22
FHFA House Price Index for October 2016, 9 a.m. EST
Friday, December 23
HUD/Census Bureau New Residential Sales for November 2016, 10 a.m. EST
University of Michigan Consumer Sentiment for December 2016, 10 a.m. EST