Real estate observers already know that home prices are rising all over the country, but new data from the federal government shows that home prices haven’t risen by this much in 15 years.
According to a recent report from the Federal Housing Finance Agency, home prices in October were 10.2% above where they were in October 2019. That’s the largest yearly increase in any month since 2005.
Per the FHFA Home Price Index, home prices nationwide rose by 1.5% in October over September. According to the FHFA report, home prices rose in each of the nine census divisions, meaning home prices are rising in every part of the country.
The FHFA report showed that the 12-month price increase ranged from 8.4% in the West South Central division to 12.5% in the Mountain and New England divisions.
According to Lynn Fisher, the FHFA’s deputy director of the Division of Research and Statistics, house prices rose for the fifth straight month.
“The 12-month gain of 10.2% in October is the highest annual appreciation observed since the 2004-2005 period,” Fisher said. “Extremely low mortgage rates and a limited supply of homes for sale continue to propel price gains. The data do not yet reflect renewals of some local and state COVID-19 restrictions.”
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