UPDATE: The FHFA U.S. House Price Index reading for the month of November is out.
The index rose 0.6 percent in November, slightly below expectations of a 0.7 percent gain.
October growth in prices was revised up to 0.6 percent from 0.5 percent previously.
Below is the full text from the release:
Washington, DC – U.S. house prices rose 0.6 percent on a seasonally adjusted basis from October to November, according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). The previously reported 0.5 percent increase in October was revised upward to a 0.6 percent increase. For the 12 months ending in November, U.S. prices rose 5.6 percent. The U.S. index is 15.2 percent below its April 2007 peak and is roughly the same as the August 2004 index level. National home prices have not declined on a monthly basis since January 2011.
For the nine census divisions, seasonally adjusted monthly price changes from October to November ranged from -1.0 percent in the East North Central division to +2.1 percent in the Mountain division, while the 12-month changes ranged from +0.5 percent in the Middle Atlantic division to +14.8 percent in the Mountain division.
FHFA uses the purchase prices of houses with mortgages owned or guaranteed by Fannie Mae or Freddie Mac to calculate the monthly index. Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs on the following pages. Click here for complete historical data.
For detailed information on the monthly HPI, please see the HPI Frequently Asked Questions (FAQ). The next HPI release will be on Feb. 26, 2013 and will include monthly data for December and quarterly data for the fourth quarter of 2012. Release dates for 2013 areavailable here.
Important Note: Beginning with this news release, the HPI will be published at 9 A.M. EST.
The table below breaks down the gains by region (click to enlarge):
ORIGINAL: Minutes away from the lone economic data release of the day in the United States – the FHFA U.S. House Price Index, due out at 9 AM ET.
Economists estimate that the index rose 0.7 percent in November after rising 0.5 percent the month before.
We will have the release at 9 AM ET. Click here to refresh for LIVE updates >
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