House prices rose slightly (0.3 percent) in November 2024, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). Year-over-year, house prices increased 4.2 percent.

However, price growth both nationally and regionally showed signs of slowing, as it has in previous HPI updates. The 12-month growth rate in November was 2.7 percentage points lower than it was in November 2023, the fourth straight month in which the year-over-year growth rate was lower than it had been a year earlier.

“Annual house price gains continued to moderate in November, with sales prices in all nine Census divisions exhibiting slower pace of growth than a year earlier,” Dr. Anju Vajja, deputy director for FHFA’s Division of Research and Statistics, said. “The slowdown in price growth is likely due to higher mortgage rates contributing to cooling demand.”

Among the nine geographic divisions defined by the U.S. Census, the change in seasonally adjusted monthly home prices ranged from -0.6 percent in the East South Central division to 0.9 percent in the West North Central and New England divisions.

 The 12-month changes were positive in every region, ranging from 1.8 percent in the West South Central division to 7.7 percent in the New England division.

The next HPI report will be released Feb. 25 and will include monthly data through December and quarterly data through the fourth quarter of 2024.