The average prices of single-family homes with mortgages backed by Fannie Mae and Freddie Mac in the U.S. rose by 0.3% in November 2024, surpassing market expectations of a 0.2% increase.
US home prices rise more than expected: FHFA
Across the nine census divisions, monthly price changes ranged from a decline of 0.6% in the East South Central division to gains of 0.9% in the West North Central and New England divisions. On an annual basis, home prices increased by 4.2% in November, marking the slowest growth since June 2023. Year-over-year gains were positive in all regions, with the West South Central division seeing the smallest increase (1.8%) and New England recording the largest (7.7%).
Analyst comment
“Annual house price gains continued to decelerate in November, with all nine Census divisions experiencing slower growth compared to a year ago,” said Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics. “The moderation in price growth is likely driven by higher mortgage rates, which have cooled demand.”
