Much to the delight of homeowners and chagrin of homebuyers, home prices just kept rising in November at a record-breaking pace.
According to a new report from the Federal Housing Finance Agency, home prices in November 2020 were 11% higher than they were in November 2019. The increase comes on the heels of October’s price increase of 10.2% over the previous year, which was the largest yearly increase in any month since 2005.
That record stood for one whole month, as November’s price increase of 11% is now the highest yearly increase in any month since 2005.
According to the FHFA, home prices rose by 1% in November over October, marking the sixth straight month of at least a 1% increase in home prices.
The FHFA report showed that home prices are continuing to rise across the nation, with price increases being reported in each of the nine Census divisions.
“House prices have risen by at least 1% for six consecutive months," said Dr. Lynn Fisher, FHFA's Deputy Director of the Division of Research and Statistics.
“The acceleration has been slowing but annual gains now outpace the prior housing boom,” Fisher added. “Current conditions can be explained by fundamentals, including low rates and tight housing supply, which have been intensified by the pandemic.”