The massive gains in the house price index (HPI) were propelled by extremely low mortgage rates which continue to set records seemingly every week and a limited supply of homes for sale, according to Lynn Fisher, FHFA’s deputy director of the division of research and statistics.
“U.S. house prices rose for the fifth straight month since states re-opened their local economies,” Fisher said. “The 12-month gain of 10.2 percent in October is the highest annual appreciation observed since the 2004-2005 period.”
The data does not reflect some of the most recent lockdown orders that have been implemented locally, since the start of the latest COVID-19 wave.
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