The House Price Index (HPI) for all transactions was published today by the FHFA for the third quarter of 2021. The index stood at 196.96, an increase of 3% compared to the second quarter of 2021. When compared annually, the index grew by 11% and has been trending upwards for the tenth consecutive month. This index is estimated using mortgage-level data from Fannie Mae and Freddie Mac. The dataset also includes information from the federal Housing Administration (FHA), and the Federal Home Loan Bank of New York. The HPI is a broad measure of the movement of single-family property prices, house price trends, changes in mortgage rates, prepayments, and housing affordability. An increase in the index may signal less home affordability but may also indicate more jobs, and more confidence on spending.
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