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First Cut: FHFA House Price Index for October on trend of modest increases

The FHFA House Price Index for October was up 0.2% form the prior month and up 0.5% compared to a year earlier. Prices for repeat sales and refinancings have lost consistent upward momentum month-over-month and are generally middling in tone, at best. Year-over-year price increases are running near the 5% mark for the second half of 2018. Upward pressure on home prices has yielded to concerns about home affordability even with relatively low rates for mortgages. In addition to home buyers driving hard bargains, sales of existing homes are getting more competition from new construction and that is keeping prices from rising as much as in recent years in spite of limited supplies.

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