News Column

US House Price up 0.5 Percent in October

Dec 21, 2012

The U.S. house prices continued its moderate growth in October on a seasonally adjusted basis amid record low mortgage rates, the U.S. Federal Housing Finance Agency (FHFA) reported on Thursday.

The house prices in October were 0.5 percent higher than a month earlier, according to the FHFA's monthly House Price Index.

Over the 12 months ending in October, the house prices gained 5. 6 percent, signaling the housing market is steadily on the way to recovery.

However, the price variation across the country was ragged. For the nine census divisions, the Pacific division including Hawaii, Alaska, Washington, Oregon, and California saw a 2.0-percent increase in the house prices from September to October, more than any other region, but the prices in the Middle Atlantic division including New York, New Jersey and Pennsylvania fell the most by 1. 3 percent.

The FHFA also noted that the house prices in October were 15.7 percent below its April 2007 peak and roughly the same as the July 2004 level.

The report measured changes in real estate values using purchases of properties with mortgages back by Fannie Mae or Freddie Mac. It did not provide a specific price for houses. As measured by the National Association of Realtors (NAR), the U.S. median existing-home price for all housing types was $180,600 in November, up 10.1 percent from a year ago.

The current near record low mortgage rates helped boost home refinancing and purchasing, as the Federal Reserve's new bond purchase plan kept pushing them down.

Source: Copyright Xinhua News Agency - CEIS 2012

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