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The latest home price reading from the Freddie Mac House Price Index—which is calculated using a database of mortgages purchased by either Freddie Mac or Fannie Mae—has arrived.
According to the Freddie Mac House Price Index, U.S. home prices fell 0.2% during the seasonally soft window from October 2023 through November 2023. On a year-over-year basis, U.S. home prices rose 6.2% from November 2022 to November 2023. National house prices as measured by Freddie Mac ended November 2023 up 2.0% above the 2022 summer peak, and 43.3% above March 2020 levels.
Whenever groups like Freddie Mac mention U.S. home prices, they are referring to the national aggregate. However, on a market-by-market level, it can vary significantly. The chart below shows the shift in the nation’s 40 largest metro area markets.
Click here for a searchable chart with all 384 metros tracked by Freddie Mac.
In total, Freddie Mac individually breaks out 384 housing markets. Of those, 366 are up on a year-over-year basis, while 18 markets are down.
Among the down markets, Austin is the hardest-hit market. In the Freddie Mac series, Austin is down 5.5% on a year-over-year basis, and down 13.9% since its 2022 price peak.
Big picture: When considering the Fed’s aggressive rate hikes and the fact that mortgage rates briefly crossed 8% in 2023, U.S. home prices were fairly resilient last year. In markets where home prices fell, inventory levels alerted us ahead of time.
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